Ex-NTUC Broker Testifies Against BSI Banker

Samuel Goh Sze-Wei, Yeo Jiawei, BSI, 1MDB, Bridge Partners

Swiss Club in Bukit Timah

The Singapore court trying Yeo Jiawei heard from an associate of the former BSI banker on Thursday, who said he was roped into a scheme of kickbacks involving scandal-engulfed Malaysian fund 1MDB.

Samuel Goh Sze-Wei, a former NTUC Income insurance broker, testified that he introduced BSI to a fund manager which later took billions in 1MDB money, according to local press reports.

The fund, Bridge Partners International Management, and 1MDB vehicle Brazen Sky eventually signed a $2.3 billion investment deal.

Goh, who is now unemployed, said he initially didn't question the deal, which saw him keep only $150,000 despite receiving millions as a result in referral fees. Goh said he was told by Yeo to pass the bulk of fees on.

«Normal Course of Business»

«I accepted the structure as one that was normal in the course of business,» Goh told the court.

Goh said his suspicions were roused when he learned that Yeo and his boss at BSI, Kevin Swampillai, were actually receiving the referral fees and stowing the funds in hidden entities.

The broker said he raised concerns with Yeo, who managed to calm his suspicions. Goh also began receiving a far larger share annually – $500,000 – of the transaction.

Goh is allegedly one of the people Yeo enlisted to cover his tracks earlier this year, after the broker was questioned by investigators from the Commercial Affairs Department, or CAD.

Burner Phone

Goh said he bought a burner phone from a foreign construction worker in order to keep in touch with Yeo and patch together a story to tell CAD.

He also told the court of a March 27 meeting with Yeo and Swampillai at the Swiss Club in Bukit Timah, where Yeo urged the two others to lie to investors, destroy evidence and conceal their communications by using secondary phones.

Under defense questioning, Goh admitted that he had received referral fees from Amicorp, another private bank, but said that Yeo had asked him to sign the fee agreements.

Three more witnesses are set to testify against Yeo when court resumes next week, as is the accused former BSI banker himself.

 

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