Singapore: Another 2 BSI bank officials charged amid probe into Malaysian state fund
AUTHORITIES in Singapore have charged two former senior private bankers at BSI Singapore in connection with city-state’s probe into the 1Malaysia Development Berhad (1MDB) sovereign state fund belonging to its neighbouring country.
According to Channel News Asia, the Monetary Authority of Singapore (MAS) sent Yak Yew Chee, 57, and Yvonne Seah Sew Fong, 45, to the Public Prosecutor after they were found to be among six accused of “serious misconduct”.
The Attorney-General’s Chambers (AGC) on Monday said the two were charged with various criminal offenses.
“Most of the offences relate to (1MDB-linked businessman) Low Taek Jho’s accounts with BSI Singapore. Both employees had been senior private bankers in BSI Singapore,” was quoted as saying in a statement.
The AGC said the duo have been accused of failing to disclose information on suspicious transactions to a Suspicious Transaction Reporting Officer, leading to them being faced with seven charges: three charges under the Penal Code for forgery offences; and four charges under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act.
The two were also released on SG$35,000 bail and their pre-trial conference is scheduled to be held on Nov 24.
Earlier, the AGC had also charged Yeo Jiawei as the first BSI Singapore employee who faced 11 charges for various offences.
The AGC added it was still investigating other employees named by MAS. The probe into the 1MDB-related fund flows through Singapore, it said, are also ongoing.
In May, the MAS shut down BSI Bank for a series of grave offences, and has referred six members of staff to the Public Prosecutor to determine if they have committed crimes.
The monetary authority investigated the bank for alleged serious breaches of anti-money laundering requirements, poor management oversight of bank’s operations, and gross misconduct by some of the bank’s staff.
The closure came amid the Swiss financial regulators opening criminal proceedings against the bank in connection with allegations of corruption against controversial Malaysian state fund. BSI Bank Singapore is owned by BSI Ltd in Switzerland.
1MDB, an investment company fully-owned by the Malaysian government, was created in 2009 by Prime Minister Najib Razak to promote economic development projects.
But following numerous exposés by foreign media and local opposition lawmakers, it was revealed that billions of dollars from the firm had been misappropriated.
According to U.S. prosecutors, fund officials have diverted more than US$3.5 billion through a web of shell companies and bank accounts abroad.
Despite the allegations, Najib and his administration have vehemently denied any wrongdoing in their handling of 1MDB, from which hundreds of millions of dollars were found deposited in the prime minister’s personal bank accounts.
