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Monday, October 10, 2016

Singapore charges two ex-bankers in Jho Low, 1MDB-linked case

SINGAPORE - Singapore authorities charged two ex-BSI SA bank employees in a case linked to an embattled Malaysian investment fund at the centre of international probes.

Yak Yew Chee, a former private banker for 1Malaysia Development Bhd and financier Low Taek Jho, faces seven charges including for forgery, according to court papers filed on Monday. Yak’s former subordinate Yvonne Seah Yew Foong was also charged in the same Singapore state court.

The latest charges come as Singapore vowed stronger action after the central bank found anti-money laundering lapses at banks linked to the troubled Malaysian fund. Singapore in May said it would fine BSI and revoke its licence in the city state. Prosecutors from Singapore, Switzerland and the US authorities are digging into how billions of dollars may have been diverted from 1MDB, which was intended to fund development projects across Malaysia.

1MDB has consistently denied wrongdoing and Malaysia’s government has said it will cooperate with lawful investigations of local companies or its citizens in relation to the fund. Apart from Yak and Seah, Singapore has criminally charged two other men including former BSI banker Yeo Jiawei for their roles in transactions and money flows linked to 1MDB.

The cases are Public Prosecutor vs Yak Yew Chee and Public Prosecutor vs Yvonne Seah.

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