15
Jul
17

Yeo Jiawei to assist further investigations into 1MDB in Singapore

Yeo Jiawei to assist CAD investigations into 1MDB, disgorge profits from money laundering and cheating charges

SINGAPORE (July 12): Ex-BSI wealth planner Yeo Jiawei has volunteered to assist the Commercial Affairs Department (CAD) in its investigations into 1Malaysia Development Bhd (1MDB).

Yeo, 34, will also disgorge profits that was gained illegally, including monies and properties in Australia.

Yeo in court on Wednesday pleaded guilty to money laundering and cheating charges in relation to Malaysian sovereign wealth fund 1MDB.

He was sentenced to imprisonment of 24 months for cheating BSI Bank of profits and 30 months for money laundering. Both sentences will run consecutively.

This brings his total jail term to 69 months — the longest sentence meted out so far in Singapore’s probes into 1MDB.

Yeo was already convicted in December last year on four counts of witness tampering. He was sentenced to 30 months’ jail, of which he has served 15 months, including his time in remand during investigations.

The prosecution says it has taken into account Yeo’s remorse as he apologised unreservedly to CAD, and volunteered to assist in investigations on top of surrendering his ill-gotten gains to Singapore authorities.

“Jho Low and Eric Tan remain key persons of interest in CAD’s investigations,” said Nathaniel Khng from the prosecution. “As a member of Jho Low’s circle of associates, the accused is in a unique position to assist CAD in its investigation.”

Malaysian businessman Low Taek Jho, better known as Jho Low, is the alleged mastermind behind the 1MDB scandal.

…more
Yeo Jiawei to assist CAD investigations into 1MDB, disgorge profits from money laundering and cheating charges
Benjamin Cher
July 12, 2017 – theedgemarkets.com.sg

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