Ex-BSI Banker Facing Further Charges

BSI Bank

BSI Bank

In a case associated to a money laundering investigation linked to Malaysia’s plagued 1MDB investment fund, Singapore authorities have brought additional charges of cheating and obstructing justice on a former manager.

33-year-old Singaporean, Yeo Jiawei was arrested last month, and initially charged with receiving ill-gotten funds. finews.asia also reported on his most recent court appearance.

Regulators across the globe are combing over bank accounts in an effort to track down an estimated $4 billion of irregular transactions said to be related to the troubled fund.

Financial media company Bloomberg reports that at a hearing in the Singapore State Court, Singapore prosecutor Kwek Mean Luck urged the court to extend Yeo’s custody with an additional charge of obstructing justice.

Complicated Investigation 

The Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS) have been investigating possible offences relating to 1MDB since mid 2015.

Kwek said Singapore’s white-collar crime unit was dealing with one of the most complex cross-border investigations it had ever been involved in. 

Refused Bail

The former BSI wealth manager has been held without bail, and was further remanded without bail until May 5. He was also denied access to a lawyer. Yeo’s lawyer Philip Fong said his client shouldn’t be denied the constitutional right to have access to his lawyer.

The Singapore prosecutor has charged Yeo with cheating BSI by concealing from his former employer that he would be receiving US$1.6 million a year from Brazen Sky Ltd, a financial vehicle owned by 1MDB and which was holding fund units at an account with BSI Singapore.

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