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Sunday 8 May 2016
Ex-BSI banker received 'secret profits' of US$4m: prosecutor
Former BSI private banker Yeo Jiawei allegedly received
"secret profits" of about US$4 million when he was with the Singapore
branch of the Swiss private bank, which has been embroiled in the probe into
1Malaysia Development Bhd (1MDB).
Ex-BSI banker received 'secret profits' of US$4m: prosecutor
Anita Gabriel 06 May 2016
Former BSI private banker Yeo Jiawei allegedly received "secret profits" of about US$4 million when he was with the Singapore branch of the Swiss private bank, which has been embroiled in the probe into 1Malaysia Development Bhd (1MDB).
Singapore's Second Solicitor-General Kwek Mean Luck said in court on Thursday that Yeo also took extraordinary steps to cover his involvement and "disguise" the flows of illicit monies to himself and his family members. He added that those responsible for the "illicit transactions and flows" have taken extraordinary steps to "conceal their hands".
These details emerged during mention of Yeo's case on Thursday at the state court where Singapore's prosecution tendered three fresh charges, in addition to three other charges filed earlier against the 33-year-old former banker, who appeared in court via video link and stood with mostly downcast eyes and one hand handcuffed to a railing.
"It is believed that the total amount that he (Yeo) has received from illicit transactions is well in excess of this amount (US$4 million)," said Mr Kwek, adding that Yeo had played a key role and "schemed directly with those responsible for this complex web of criminal transactions and activities".
The prosecution also applied to further remand Yeo, who has already been in custody for 21 days, this time allowing him access to his lawyer Philip Fong of Harry Elias Partnership.
"The accused, it can be fairly said, is the author of his present predicament.
"He played in the last three years no small part in first attempting to mask and then suppress incriminatory evidence pertaining to the illicit transactions and money flows in and out of Singapore. This will be elaborated on in good time," Mr Kwek said.
He also pointed out that the Commercial Affairs Department (CAD) suspects that significant sums of money (S$200,000 and US$200,000) transferred on behalf of the accused to his lawyer Mr Fong's firm constitute proceeds linked to criminal conduct.
Mr Fong, in turn described these as "bare assertions" and that he would need to clear this up with Yeo to respond to CAD's concerns.
In arguing for a further remand of Yeo, Mr Kwek said that there were grounds to believe that Yeo's wife has made contact with other witnesses for reasons that may need further probing.
Mr Fong, however, argued that while other employees, past and present, of BSI who could explain the complex transactions were also being questioned and investigated by CAD, unlike Yeo, they were not in remand.
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Ex-BSI banker received 'secret profits' of US$4m: prosecutor
Anita Gabriel
06 May 2016
Former BSI private banker Yeo Jiawei allegedly received "secret profits" of about US$4 million when he was with the Singapore branch of the Swiss private bank, which has been embroiled in the probe into 1Malaysia Development Bhd (1MDB).
Singapore's Second Solicitor-General Kwek Mean Luck said in court on Thursday that Yeo also took extraordinary steps to cover his involvement and "disguise" the flows of illicit monies to himself and his family members. He added that those responsible for the "illicit transactions and flows" have taken extraordinary steps to "conceal their hands".
These details emerged during mention of Yeo's case on Thursday at the state court where Singapore's prosecution tendered three fresh charges, in addition to three other charges filed earlier against the 33-year-old former banker, who appeared in court via video link and stood with mostly downcast eyes and one hand handcuffed to a railing.
"It is believed that the total amount that he (Yeo) has received from illicit transactions is well in excess of this amount (US$4 million)," said Mr Kwek, adding that Yeo had played a key role and "schemed directly with those responsible for this complex web of criminal transactions and activities".
The prosecution also applied to further remand Yeo, who has already been in custody for 21 days, this time allowing him access to his lawyer Philip Fong of Harry Elias Partnership.
"The accused, it can be fairly said, is the author of his present predicament.
"He played in the last three years no small part in first attempting to mask and then suppress incriminatory evidence pertaining to the illicit transactions and money flows in and out of Singapore. This will be elaborated on in good time," Mr Kwek said.
He also pointed out that the Commercial Affairs Department (CAD) suspects that significant sums of money (S$200,000 and US$200,000) transferred on behalf of the accused to his lawyer Mr Fong's firm constitute proceeds linked to criminal conduct.
Mr Fong, in turn described these as "bare assertions" and that he would need to clear this up with Yeo to respond to CAD's concerns.
In arguing for a further remand of Yeo, Mr Kwek said that there were grounds to believe that Yeo's wife has made contact with other witnesses for reasons that may need further probing.
Mr Fong, however, argued that while other employees, past and present, of BSI who could explain the complex transactions were also being questioned and investigated by CAD, unlike Yeo, they were not in remand.
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