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S’pore ex-banker faces two more charges amid 1MDB probe

SINGAPORE — A former wealth planner at Swiss private bank BSI, who had been implicated in the 1MDB probe, now faces two more charges.

SINGAPORE — A former wealth planner at Swiss private bank BSI, who had been implicated in the 1MDB probe, now faces two more charges.

Yeo Jiawei, 33, was charged earlier this month with receiving ill-gotten funds, amid global investigations into Malaysian state investment fund 1MDB. In court on Thursday (April 28), Yeo was charged with cheating BSI Bank in 2012 by dishonestly concealing from the latter that he would receive a sum of about US$1.6 million (S$2.15 million) per annum, in relation to a referral agreement he allegedly induced BSI into entering.

The referral agreement, dated Sept 14, 2012, was between BSI and Bridge Partners Investment Management (Cayman). Under the agreement, BSI Bank would receive a fee amounting to 0.53 per cent of the assets under management of Bridge Partners Investment Management (Cayman).

According to the charge sheets, Bridge Partners Investment Management (Cayman) is the fund manager of Bridge Global Absolute Return Fund SPC, which is entirely owned by a company called Brazen Sky Limited (BSL).

BSL, in turn, paid an annual management fee to Bridge Partners Investment Management (Cayman) — a portion of which was allegedly paid to Yeo through a company he owned called Bridgerock Investment Inc.

Yeo was also charged with attempting to intentionally pervert the course of justice by asking Singaporean businessman Samuel Goh Sze-Wei to lie to the police. On March 27 this year, Yeo allegedly asked Mr Goh to tell the police that monies Mr Goh transferred to Bridgerock Investment Inc were investments by the latter.

During the hearing, Second Solicitor-General Kwek Mean Luck urged the court to keep Yeo in remand and block him from access to his lawyer, Philip Fong. Mr Fong argued against this, saying the police and the Commercial Affairs Department have had more than ample time to investigate Yeo. But District Judge Christopher Goh ruled in favour of the prosecution on both requests. Yeo will return to court on May 5.

Yeo was first charged with an offence under the Corruption, Drug Trafficking and other Serious Crimes (Confiscation of Benefits) Act on April 15. Court documents showed that around Jan 30, 2013, Yeo received S$200,000 in his Bank of China account, allegedly his loot from cheating. While the charge made no mention of 1MDB, it stemmed from probes into the fund’s money flows, Bloomberg reported.

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