Ex-BSI Wealth Planner To Stand Trial In Singapore

Amisha Mehta Deputy Editor 22 August 2016

Ex-BSI Wealth Planner To Stand Trial In Singapore

The saga surrounding Malaysia's 1MDB continues with new trial dates set for a former BSI employee.

Yeo Jiawei, a former wealth planner at Swiss private bank BSI, will face two more charges in a Singapore court as part of a money laundering probe related to Malaysian state-run fund 1MDB.

He will be tried on four charges of perverting the course of justice. Trial dates for the charges will be from 31 October until 11 November, the attorney-general’s chambers said in a statement.

Yeo is one of five former BSI employees referred to the public prosecutor by Singapore's central bank for possible criminal charges. He also faces other charges including forgery and money laundering. He was denied bail by the Singapore High Court in May, according to a Reuters report.

In an unprecedented move in May, the Monetary Authority of Singapore ordered the closure of BSI's operations in the city-state and levied a fine on the bank in relation to its dealings with 1MDB. 1MDB, which was launched with the stated aim of boosting the Malaysian economy, is the subject of multiple international investigations into alleged corruption by politicians and other public figures.

Last week, Singapore's financial regulator blocked Zurich-based Falcon Private Bank from taking on new business in the city-state, Swiss newspaper Finanz und Wirtschaft reported, citing information it had obtained.

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