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FHBH12

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2 people, not one, charged in Singapore 1MDB probe

Anita Gabriel
The Business Times
Friday, Apr 29, 2016

Singapore - Singapore authorities have charged not one but two people - a former wealth manager at Swiss private bank BSI and someone allegedly involved in corrupt transactions in concert with the former private banker - in an ongoing investigation into 1Malaysia Development Berhad (1MDB) that was described in court as the "most complex" probe ever undertaken by the white-collar crime buster here.

Yeo Jiawei, a former BSI Singapore employee (who appeared via video link, handcuffed and clad in a bright orange polo shirt) was slapped with two additional charges of cheating and obstructing investigations by the Commercial Affairs Department (CAD) by Singapore's prosecutors in the state court on Thursday.

The submissions in court made no mention of 1MDB but, based on the entity that was named (1MDB's wholly owned Brazen Sky Ltd emerged in relation to Yeo's fresh charges), it was apparent that the case stemmed from the ongoing probe into Malaysia's troubled state-backed firm.

On April 15, 33-year-old Yeo - who was described by Second Solicitor-General Kwek Mean Luck in Thursday's mention as having played a "central role" in the movement of large amounts of monies and concealing transactions - was charged with money-laundering offences.

Unknown to many, another Singaporean - Kelvin Ang Wee Keng, 34 - was charged on April 20 for corruptly giving a gratification sum of S$3,000 to research analyst Lee Chee Waiy to expedite preparation of a favourable valuation report to be issued by his equity research firm, according to a charge sheet.

This case is also believed to be an outcome of the 1MDB probe.

The case that rocked Malaysia: 1MDB

When queried by BT, a spokesman from the Attorney-General's Chambers (AGC) said that the prosecution had told the court that Ang was "implicated in a number of illicit transactions" entered in concert with Yeo.

The AGC spokesman said that the court had granted the prosecution's request during mention on Wednesday for Ang to be further remanded.

The case against these two people by Singapore prosecutors marks the first charges in many months of a sweeping probe into 1MDB that involves multiple authorities in several territories including Switzerland, the United States, Hong Kong and, more recently, Seychelles.

It also underscores the complexity of the probe into the 1MDB money trail.

Under the new charge, Yeo is alleged to have cheated his employer BSI Bank sometime before September 2012 by concealing that he would receive some US$1.6 million per year, which was a portion of the annual management fee paid by Brazen Sky Ltd to Bridge Partners Investment Management (Cayman) Ltd.

The court was told that Brazen Sky owned all the shares of Bridge Global Absolute Return Fund SPC (segregated portfolio company), a fund that was managed by Bridge Partners.

In his submission for Yeo to be further remanded and his access to counsel disallowed at this "sensitive juncture" of the investigations, Mr Kwek said that the probe was "very much alive" and involved "several jurisdictions, numerous corporate entities, multiple transactions spanning several years, and a staggering amount of monies". Multiple witnesses have also been interviewed.

"We have hundreds of thousands of documents to review that include communications between the accused and other persons of interest, as well as e-mails and transactional documents which the accused can also provide insight on," Mr Kwek argued, adding that Yeo's family members were also being investigated for money-laundering activities.

Yeo's lawyer, Philip Fong from Harry Elias Partnership, argued that the prosecution and CAD had been given "more than ample time" to investigate his client, hence there was no reason to hold him indefinitely.

"Two weeks have passed since Jiawei was arrested. Seven months have passed since he was called in for investigations. The enforcement authorities have had more than enough time to carry out their investigations," said Mr Fong.

He also stressed that Yeo was not a flight risk as he has a family and a three-year old daughter, and his passport has been impounded since Day One.

District Judge Christopher Goh granted prosecution's application to further remand Yeo and deny him access to lawyers.

This article was first published on April 29, 2016.
Get The Business Times for more stories.

- See more at: http://business.asiaone.com/news/2-people-not-one-charged-singapore-1mdb-probe#sthash.L3mG65C2.dpuf
 

FHBH12

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State of Fear: Murder and Money in Malaysia
By Linton Besser, Jaya Balendra, Elise Worthington

Updated March 29, 2016 12:25:00

http://www.abc.net.au/4corners/stories/2016/03/28/4431284.htm

"I think there is an atmosphere of total terror."

It's a story of intrigue, corruption and multiple murders, stretching from the streets of Malaysia's capital Kuala Lumpur, to Switzerland, France and the US as well as Hong Kong and Singapore, all the way to Australia's doorstep.

"He said 'You know I can't talk much, he said, because my phone might be bugged'".

The money involved is astonishing.

"The person who made the gift must be extremely rich to be able to just give away US$681 million."

"The fact that it's going to the personal account of the Prime Minister is unprecedented."

And the escalating scandal is threatening to bring down Malaysia's Prime Minister.

"This charge sheet was the smoking gun."

Four Corners reporter Linton Besser investigates two sets of extraordinary allegations of bribery and corruption: one involving a massive arms deal; the other, the Malaysian sovereign wealth fund. It's a story that's made headlines around the world.

"Hello Mr Prime Minister, ABC Australia. I'm wondering if you can explain the hundreds of millions of dollars in your account?"

Linton Besser's pointed questions landed him and cameraman Louie Eroglu in serious trouble.

"I've been placed under arrest ...we are waiting for some legal advice but at the moment it looks like they intend to charge us."

On Monday night Four Corners will reveal new allegations about the staggering sums of money that have flowed into the bank accounts of Najib Razak.

And as the scandal grows, so does the crackdown on the Malaysian Government's political opponents.

"They're just threatening people now and it's very effective."

State of Fear, reported by Linton Besser and presented by Sarah Ferguson, goes to air on Monday 28th March at 8.30pm EDT. It is replayed on Tuesday 29th March at 10.00am and Wednesday 30th at 11pm. It can also be seen on ABC News 24 on Saturday at 8.00pm, ABC iview and at abc.net.au/4corners.
 

FHBH12

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Abu Dhabi fund 'paid interest on bonds' after 1MDB default

The Straits Times
Saturday, Apr 30, 2016

KUALA LUMPUR: Abu Dhabi fund International Petroleum Investment Company (IPIC) said yesterday that it had paid interest due on bonds issued by a unit of 1Malaysia Development Berhad (1MDB) after the troubled Malaysian state investor defaulted on payments.

IPIC said in a statement that the payment of US$50.3 million (S$67.5 million) interest on the bond for 1MDB Energy (Langat) was done to fulfil its obligation as guarantor under the bond's terms.

The Abu Dhabi sovereign wealth fund said that it would now demand indemnity for paying the interest, Reuters reported yesterday. The coupon on the US$1.75 billion bond was due on April 18.

1MDB is involved in a deadlock with IPIC over the interest payment after disputing its obligations to the Abu Dhabi fund under a debt restructuring deal reached last June.

Relations between 1MDB and IPIC soured following allegations by the Malaysian fund that it had paid US$3.5 billion to settle its side of the restructuring agreement, by dealing with two former top officials of IPIC and its subsidiary company called Aabar Investments PJSC.

1MDB said it paid the US$3.5 billion into a company in the offshore tax haven of British Virgin Islands (BVI) called Aabar Investments PJSC Limited.

But IPIC said that neither it nor Aabar Investments owns the BVI company, and that they did not receive any of the monies.

The US$3.5 billion is now believed to have been misappropriated, and the "Limited" company has since closed.

The tensions between the Malaysian and Abu Dhabi funds came to a head recently when the coupon payment for the 1MDB Energy (Langat) bond became due, with IPIC saying on Monday that it would make the interest payment - as a guarantor - only when 1MDB had declared it was in default.

1MDB confirmed on Monday that it had defaulted on the US$1.75 billion bond, resulting in cross-defaults for RM7.4 billion (S$2.6 billion) in other bonds.

The tangle over who is at fault has worried financial markets over how it might hit other bonds issued by Malaysia or Abu Dhabi in cross-defaults.

- See more at: http://business.asiaone.com/news/ab...bonds-after-1mdb-default#sthash.m5IwUnav.dpuf
 

ECboy

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Abu Dhabi fund 'paid interest on bonds' after 1MDB default

The Straits Times
Saturday, Apr 30, 2016

KUALA LUMPUR: Abu Dhabi fund International Petroleum Investment Company (IPIC) said yesterday that it had paid interest due on bonds issued by a unit of 1Malaysia Development Berhad (1MDB) after the troubled Malaysian state investor defaulted on payments.

IPIC said in a statement that the payment of US$50.3 million (S$67.5 million) interest on the bond for 1MDB Energy (Langat) was done to fulfil its obligation as guarantor under the bond's terms.

The Abu Dhabi sovereign wealth fund said that it would now demand indemnity for paying the interest, Reuters reported yesterday. The coupon on the US$1.75 billion bond was due on April 18.

1MDB is involved in a deadlock with IPIC over the interest payment after disputing its obligations to the Abu Dhabi fund under a debt restructuring deal reached last June.

Relations between 1MDB and IPIC soured following allegations by the Malaysian fund that it had paid US$3.5 billion to settle its side of the restructuring agreement, by dealing with two former top officials of IPIC and its subsidiary company called Aabar Investments PJSC.

1MDB said it paid the US$3.5 billion into a company in the offshore tax haven of British Virgin Islands (BVI) called Aabar Investments PJSC Limited.

But IPIC said that neither it nor Aabar Investments owns the BVI company, and that they did not receive any of the monies.

The US$3.5 billion is now believed to have been misappropriated, and the "Limited" company has since closed.

The tensions between the Malaysian and Abu Dhabi funds came to a head recently when the coupon payment for the 1MDB Energy (Langat) bond became due, with IPIC saying on Monday that it would make the interest payment - as a guarantor - only when 1MDB had declared it was in default.

1MDB confirmed on Monday that it had defaulted on the US$1.75 billion bond, resulting in cross-defaults for RM7.4 billion (S$2.6 billion) in other bonds.

The tangle over who is at fault has worried financial markets over how it might hit other bonds issued by Malaysia or Abu Dhabi in cross-defaults.

- See more at: http://business.asiaone.com/news/ab...bonds-after-1mdb-default#sthash.m5IwUnav.dpuf

Stinks to high heaven
 

FHBH12

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Singapore probing complex transactions involving 'many shell companies' in 1MDB case

Anita Gabriel The Business Times Thursday, May 05, 2016

SINGAPORE authorities are probing "complex and layered transactions" with "cross border elements" involving many shell companies in their investigations into 1Malaysia Development Berhad (1MDB), according to prosecutors here.

This was revealed by Singapore's chief prosecutor Tan Ken Hwee at the third mention in the state court in the case involving Kelvin Ang Wee Keng, who was charged with corrupt transactions in a massive ongoing probe into 1MDB.

While the submission in court again made no mention of 1MDB, it is widely accepted that the case involves the probe into the money trail of Malaysia's troubled state-backed firm.

"Unravelling, unpacking, and comprehensively analysing all the transactions has taken and will continue to take a significant amount of time," said Mr Tan in his submission for Ang to be further remanded for another week.

Ang, 34, was charged on April 20 for corruptly giving a gratification sum of S$3,000 sometime between 2013 and 2014 to research analyst Lee Chee Waiy to expedite preparation of a favourable valuation report to be issued by his equity research firm.

Ang, who appeared in court via video link, is believed to be employed in the finance sector.

He also dealt extensively for over two years with another accused in the 1MDB case, ex-private banker of BSI Singapore Yeo Jiawei and "some others implicated in improper dealings", according to Mr Tan.

"Progress has been made in the investigations regarding the accused's role in the various matters being scrutinised. There are still, however, some remaining investigations that require a further period of remand," Mr Tan submitted.

"CAD (Commercial Affairs Department) officers have been working on this and related matters round the clock and we expect to finalise the position in relation to this accused within the next six days," he added.

District Judge Christopher Goh granted prosecution's application to further remand Ang.

- See more at: http://business.asiaone.com/news/si...hell-companies-1mdb-case#sthash.KKDRN73Q.dpuf
 

snowbird

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In the latest episode, the Swiss merchant BSI, the banker for 1MDB in SG, was found guilty of money laundering by MAS and the branch got shut down in SG yesterday.
Both the BSI Swiss HQ and the SG branch were fined heavily by respective authorities for the offence while some officers in SG will be charged in court for their roles in the scam.
The Swiss financial regulators will be opening criminal proceedings against BSI bank over links to corruption allegations against Malaysia's 1MDB fund.
 

ECboy

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In the latest episode, the Swiss merchant BSI, the banker for 1MDB in SG, was found guilty of money laundering by MAS and the branch got shut down in SG yesterday.
Both the BSI Swiss HQ and the SG branch were fined heavily by respective authorities for the offence while some officers in SG will be charged in court for their roles in the scam.
The Swiss financial regulators will be opening criminal proceedings against BSI bank over links to corruption allegations against Malaysia's 1MDB fund.

The CEO of the company also resigned yesterday. Gone case.
 

snowbird

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The CEO of the company also resigned yesterday. Gone case.

The BSI Swiss CEO resigned on the same day the money laundering charges were announced by the Swiss financial regulators.
Despite the Swiss AG's statement that as much as US$4 billion (US$4,000,000,000 ) had been siphoned from 1MDB, no one in MY was charged or resigned and its business as usual as though nothing happened.
 

FHBH12

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High Court revokes former BSI banker's bail

Judge says wealth planner linked to 1MDB scandal 'likely to interfere with investigation' and 'destroy evidence'

Grace Leong 28 May 2016

The Singapore High Court yesterday revoked bail that had been granted to former BSI Bank wealth planner Yeo Jiawei.

Yeo's key role in facilitating illicit transactions involving scandal-hit state fund 1Malaysia Development Berhad (1MDB) allegedly led to the shutdown of the Swiss private bank's operations in Singapore.

The prosecution moved to revoke bail of $600,000 granted to Yeo by a lower court on Thursday, calling it a "serious injustice" that will undoubtedly harm public interest and raise palpable domestic and international concerns about the efficacy of (Singapore's) criminal justice and financial system".

Delivering his ruling to a packed court, Justice Chan Seng Onn found that Yeo is "likely to interfere with the investigation... and act to destroy evidence which will subvert the administration of justice".

Yeo, 33, who faces nine counts including forgery, money laundering and obstruction of justice, will stay in remand pending trial. He was in custody for the past 41 days and has been moved to Changi Prison.

Yeo shook his head, and at times looked incredulous, as the prosecution addressed issues of his alleged witness tampering. The prosecution is seeking early trial dates for two charges of obstructing justice.

According to one charge, he asked Mr Kevin Swampillai, BSI's head of wealth management services, on March 27 to lie to police that money Mr Samuel Goh Sze-Wei transferred to Bridgerock Investment, a firm Yeo controlled, was Mr Goh's investment.

Second Solicitor-General Kwek Mean Luck cited evidence that Yeo tampered with at least five witnesses on at least five occasions, including asking one to destroy evidence.

"It would not be a stretch to say that (Yeo) himself is aware of the stakes involved in this case, which fuelled his proactive efforts to stymie investigations even before he was formally charged in court."

Mr Kwek was referring to Yeo's violation of a previous bail order after he was arrested on March 17 for alleged violations of securities laws and released on bail the next day.

The prosecution alleged that he breached bail conditions on March 27 when he met Mr Swampillai and Mr Goh, and told them "the time had come to 'collaborate' stories to provide a 'consistent response' to the Commercial Affairs Department if questioned" on funds that went to Bridgerock Investment.

Mr Kwek noted that if Yeo was released on bail, he "may inform his associates and principals of the lines of inquiry of investigations to further obstruct investigations".

Responding to the prosecution's argument that the defence did not challenge evidence of witness tampering, Yeo's lawyer, Senior Counsel Harry Elias, said he had only three hours of access in the past 40 days and that he was not able to take meaningful instructions from Yeo.

But Justice Chan asked if Yeo's lawyers had questioned him about witness tampering, given that the first obstruction of justice charge was filed on April 28, and they had the opportunity to see him on at least three occasions after that.

Mr Elias said he did not have enough access to Yeo, and so could not take meaningful instructions. He said: "If you don't grant him bail, he can't prepare his defence."

The prosecution said Yeo is believed to have received secret profits totalling about US$18 million (S$25 million). "I can assert with certainty that significantly more serious charges will be proferred against him and his associates in due course," Mr Kwek said.

A version of this article appeared in the print edition of The Straits Times on May 28, 2016, with the headline 'High Court revokes former BSI banker's bail'. Print Edition | Subscribe

http://www.straitstimes.com/business/companies-markets/high-court-revokes-former-bsi-bankers-bail
 

kezgtree

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The BSI Swiss CEO resigned on the same day the money laundering charges were announced by the Swiss financial regulators.
Despite the Swiss AG's statement that as much as US$4 billion (US$4,000,000,000 ) had been siphoned from 1MDB, no one in MY was charged or resigned and its business as usual as though nothing happened.


...forummer don't give names for nothing "MalaYsia BoLeh"....selamat datang..lagi
 

snowbird

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High Court revokes former BSI banker's bail

Judge says wealth planner linked to 1MDB scandal 'likely to interfere with investigation' and 'destroy evidence'

Grace Leong 28 May 2016

The Singapore High Court yesterday revoked bail that had been granted to former BSI Bank wealth planner Yeo Jiawei.

Yeo's key role in facilitating illicit transactions involving scandal-hit state fund 1Malaysia Development Berhad (1MDB) allegedly led to the shutdown of the Swiss private bank's operations in Singapore.


http://www.straitstimes.com/business/companies-markets/high-court-revokes-former-bsi-bankers-bail

The Yeo is the key player from BSI who holds all the important information of his clients and how he carried out their instructions on the movement of the money in and out of SG.
It is actually for his own good to be in custody, under the police protection because his clients are some very rich and powerful people who may do anything to silence him.
He may be found dead one fine day in some back lanes in SG "due to a violent robbery".
In MY, there were many murder cases, all with links to one particular famous person -

The murder of a Mongolian woman, blown to bits with army grade bombs.
The murder of a banker, gunned down in broad daylight in a busy city area.
The murder of a public prosecutor, abducted in broad daylight, killed and stuff into oil drum and filled with cement.
 
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