Singaporean Banker Jailed For Role In Malaysia 1MDB Saga

Singaporean banker jailed for role in Malaysia 1MDB saga

SINGAPORE, , (Pakistan Point News - APP - 11th Nov, 2016 ) - A Singaporean private banker was jailed on fraud charges relating to Malaysia's 1MDB financial scandal Friday, becoming the first figure to be convicted in the international multi-billion-dollar saga. Allegations that huge sums were misappropriated from the Malaysian state fund through money-laundering have triggered a massive corruption scandal. Prosecutors said Yak Yew Chee, a former managing director at the Singapore branch of Swiss bank BSI, helped manage funds linked to 1MDB, which was set up with the help of Malaysian financier Low Taek Jho.

Yak, 57, who was also a private banker to Low, forged reference letters to Swiss banks and funds, and failed to report suspicious money transfers involving accounts belonging to his client, the prosecutors said. He was sentenced to 18 weeks in jail after pleading guilty to four charges of forgery and failure to report suspicious transactions related to the investment fund. He was also fined Sg$24,000 ($17,000) by a Singapore district court.