Sin­ga­pore charges two former BSI bankers

The Sun (Malaysia) - - SUNBIZ -

SIN­GA­PORE: Sin­ga­pore po­lice charged two former BSI bankers yes­ter­day amid an investigation tied to the scan­dal-hit Malaysian state fund 1MDB that prompted the Sin­ga­pore cen­tral bank to or­der the lo­cal unit of the Swiss pri­vate bank to shut down.

Yak Yew Chee, who was a se­nior vi­cepres­i­dent at BSI Sin­ga­pore and han­dled BSI’s re­la­tion­ship with 1Malaysia De­vel­op­ment Bhd (1MDB), was charged with forgery and fail­ure to dis­close sus­pi­cious trans­ac­tions.

The Com­mer­cial Af­fairs De­part­ment of Sin­ga­pore po­lice filed sim­i­lar charges against Yvonne Seah, a former di­rec­tor at the bank. Both have been re­leased on bail and their pass­ports have been with­held.

Reuters was un­able to reach either for com­ment.

One of Yak’s clients was Malaysian fi­nancier Low Taek Jho, known as Jho Low, whose as­sets have been seized by Sin­ga­porean au­thor­i­ties as part of the investigation.

Court doc­u­ments said Yak “fraud­u­lently” signed let­ters ad­dressed to BNP Paribas Switzer­land, Ken­dris Ltd and Roth­schild Trust AG Switzer­land vet­ting Jho Low as a client at both BSI’s branches in Sin­ga­pore and in Switzer­land.

The doc­u­ments said Yak had rea­son­able grounds to sus­pect that US$110 mil­lion (RM456.7 mil­lion) trans­ferred by Jho Low “di­rectly rep­re­sented pro­ceeds of an act that may con­sti­tute crim­i­nal con­duct” and failed to dis­close this sus­pi­cion to au­thor­i­ties. – Reuters

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