Bail revoked for former BSI banker with 1MDB links

SINGAPORE — The money-laundering case that Yeo Jiawei is implicated in is the largest and most complex ever in Singapore, said prosecutors in court on Friday (May 27), as they managed to convince a High Court to revoke a S$600,000 bail granted to the former BSI Bank wealth planner accused of receiving ill-gotten gains linked to scandal-hit Malaysian state investment fund 1MDB.

There is evidence, said Second Solicitor-General Kwek Mean Luck, that Yeo has received about US$18 million (S$24.75 million) through dubious means, for which he faces years behind bars, if convicted.

And if he is released from custody despite allegations that he had tampered with no fewer than five witnesses involved in investigations against him, Mr Kwek said it would be a “serious injustice that will undoubtedly harm public interest and raise palpable domestic and international concerns about the efficacy of our criminal justice system and our financial system”.

Yeo, 33, is facing nine charges, with the bulk relating to cheating, forgery and receiving ill-gotten gains from entities associated with 1MDB.

The latest charges were tendered against him on Tuesday as the Monetary Authority of Singapore (MAS) ordered his former employer BSI to shut down its operations here, citing serious breaches of anti-money-laundering requirements.

Ruling in favour of the prosecution, Justice Chan Seng Onn said that based on a Commercial Affairs Department (CAD) investigator’s affidavit, Yeo was likely to interfere with investigations, conjure and fabricate evidence if he was released from custody.

This would severely subvert the administration of justice and prejudice the criminal trial, the judge added.

Yeo purportedly approached at least five witnesses on five different occasions.

For instance, statements recorded from Samuel Goh Sze-Wei and Kevin Michael Swampillai showed that Yeo had allegedly met them on March 27 to “collaborate” their stories to provide a “consistent response” to the CAD to explain the monies they knew Yeo had obtained.

Mr Goh was purportedly told to lie to the police that monies he had transferred to Bridgerock Investments Inc were his investments. Mr Swampillai is among those whom MAS referred to the police for investigations as the central bank ordered BSI’s closure.

Defence lawyer Harry Elias, however, reiterated that his client should be granted bail so that they would have time to prepare for Yeo’s trial for the obstruction of justice charges which could start in around two weeks.

The senior counsel noted that his team spent less than three hours with Yeo in the last 40 days of his remand.

In response, Justice Chan questioned if such a trial required lengthy access as he asked the defence to list the dates and duration they had with Yeo during his time in remand.

The judge eventually overruled the defence’s contentions and ordered Yeo to stay in remand. Yeo’s case will be mentioned again on June 1.