11
Jan
17

Malaysia’s 1MDB Scandal Claims Another Scalp

Malaysia’s 1MDB Scandal Claims Another Scalp

Private banker jailed for 30 months.

The legal ramifications following the scandal linked to the 1MDB fund continues to resonate with a court in Singapore convicting a private banker of trying to obstruct investigations into the indebted fund founded by Malaysian Prime Minister Najib Razak.

Yeo Jiawei, 34, a former wealth planner at Swiss private bank BSI where he was known for his taste of the good life, was convicted of four charges related to obstructing, preventing or perverting the course of justice in regards to 1MDB or 1Malaysia Development Bhd.

He was sentenced to 30 months behind bars.
Enjoying this article? Click here to subscribe for full access. Just $5 a month.

According to police, Yeo earned $18 million from the affair and had asked three witnesses to lie to authorities, get rid of a laptop and urged them not to travel to Singapore.

He is the third person convicted by 1MDB investigators in Singapore, an enormous embarrassment for leaders across the causeway in Malaysia who stand alone with their insistence that all is okay with the much maligned fund, now reduced to a shelf company.

Najib, who clung to power despite losing the popular vote at elections in 2013, has resisted calls to stand aside and allow Malaysian authorities to hold independent investigation into the scandal. The body of a deputy public prosecutor who did investigate was found in a cement-filled drum and an attorney-general who dared to criticized Najib’s handling of the case was sacked.

However, authorities in Singapore and in the United States, Switzerland and Hong Kong are also investigating the disappearance of more than $1 billion from 1MDB amid allegations it was stolen from people close to Najib.

Some reports say as much as $4 billion is missing.

Najib established 1MDB in 2009, heavy borrowing followed and it has struggled to meet repayments on debts totaling $11 billion.

Najib’s role in the 2002 purchase of two submarines from France when defense minister is also under scrutiny by a French court investigating allegations of corruption involving that deal, linked to the murder of a Mongolian translator.

The Prime Minister denies any wrong-doing and claims the Malaysian Anti-Corruption Commission (MACC) had cleared him of all allegations tied to 1MDB despite money being traced from the fund to his personal bank accounts.

The British High Commission in Kuala Lumpur is also far from convinced.

“Najib announced the MACC had exonerated him of corruption and the funds in his bank account were a donation from the Middle East and not from 1MDB,” it said in a diplomatic telegram sent to London from Kuala Lumpur, according to a report in The Guardian.

“There has been no official MACC statement to this effect.”

…more
Malaysia’s 1MDB Scandal Claims Another Scalp
By Luke Hunt
December 30, 2016 – thediplomat.com

Advertisements

0 Responses to “Malaysia’s 1MDB Scandal Claims Another Scalp”



  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


Nuclear lessons for Malaysia (Part 1) (Part 2)
BN govt is directing attention to distant past and distant future, in order to distract people from present misdeeds and poor governance
Felda - A picture is worth a thousand words
How the 1MDB Scandal Spread Across the World (WSJ)
We cannot afford ridiculously expensive RM55 Billion ECRL!
All that is necessary
for the triumph of evil
is for good men
to do nothing.

- Edmund Burke
When the people
fears their government,
there is TYRANNY;
when the government
fears the people,
there is LIBERTY.

- Thomas Jefferson
Do you hear the people sing?

Archives


%d bloggers like this: