Following probes into contentious Malaysian state investment fund 1MDB, Singapore has charged a former private wealth banker for acquiring property as part of benefits from criminal conduct.
Bloomberg reports that Yeo Jiawei — an ex-banker at the Singapore arm of Swiss private bank BSI SA — was charged under the Corruption, Drug Trafficking and Other Serious Crimes Act. The 33-year-old had proposed investment products to 1MDB and was investigated as part of Singapore’s probe into the fund’s money flows.
Channel NewsAsia reports that Yeo had received $200,000 in his Bank of China account — which according to court documents represent “his benefits from cheating”. Prosecutors claimed that he might have concealed or disguised the benefits from criminal conduct.
If convicted, he may receive the maximum sentence of 10 years in jail and a fine of $500,000.
