Posts Tagged ‘Low Taek Jho’

Malaysian in 1MDB scandal denies wrongdoing after US charges — “Where did all the billions go?”

November 2, 2018

A Malaysian financier at the centre of a corruption scandal surrounding state fund 1MDB maintained his innocence Friday after the US unveiled criminal charges against him and two ex-Goldman Sachs bankers.

Low Taek Jho, commonly known as Jho Low, and the former bankers were accused by the US Justice Department of conspiring to launder billions of dollars from the fund and bribing officials in Malaysia and Abu Dhabi.

Low allegedly played a central role in plundering 1MDB. He was an associate of Malaysia’s former leader Najib Razak, whose government lost power in May in large part due to allegations that the then premier was involved in the vast fraud.

© AFP/File | Low Taek Jho, commonly known as Jho Low, is accused by the US Justice Department of conspiring to launder billions of dollars from the state fund 1MDB and bribing officials in Malaysia and Abu Dhabi

Since being ousted, Najib has been hit with a barrage of charges linked to the scandal.

A spokesman for 36-year-old Low, who held no official position at the fund but was believed to have huge influence over its workings, said that he “maintains his innocence.

“Mr. Low held no formal position at 1MDB, nor was he ever employed by Goldman Sachs, or the governments of Malaysia or Abu Dhabi.

“The US Department of Justice specifically states that the charges in the indictment are allegations, and that Mr. Low is presumed innocent unless and until proven guilty.

“Mr. Low simply asks that the public keep an open mind regarding this case until all of the evidence comes to light, which he believes will vindicate him.”

Low’s is still at large. His current whereabouts are unknown, although reports have suggested he is in China.

The indictments unsealed Thursday against him, ex-bankers Tim Leissner and Ng Chong Hwa, were the first US criminal charges over the huge fraud, which has spawned investigations around the world.

Charges were filed in Malaysia in August against Low. Ng was arrested in Malaysia on Thursday, according to the DOJ. Leissner has already pleaded guilty and agreed to pay $43.7 million in restitution of ill-gotten gains.

Goldman Sachs underwrote about $6.5 billion in bonds issued by 1Malaysia Development Berhad, a sovereign wealth fund set up to help develop the country, according to the US government.

But more than $2.7 billion went to kickbacks and bribes, according to the charges. Goldman Sachs garnered $600 million in fees and revenues from three 1MDB bond transactions detailed in the indictments.

Low acted as an intermediary for 1MDB but the ex-Goldman bankers concealed his involvement in the bond offerings, and repeatedly circumvented the bank’s oversight tools for countering fraud, according to the charges.

The bank says it is cooperating in the probe.

AFP

Related:

Advertisements

Financier Jho Low to Help in Malaysia’s Probe Into 1MDB

June 7, 2018

Malaysian financier Low Taek Jho said he will help in an investigation linked to scandal-hit state fund 1Malaysia Development Berhad (1MDB) after the anti-graft agency summoned him on Thursday (June 7) for questioning.

Image result for Low Taek Jho, photos

Mr Low, better known as Jho Low, has instructed his lawyers to make contact with the Malaysian Anti-Corruption Commission (MACC) after he was made aware they were seeking him for assistance, his representative said in an e-mailed statement. He has been described as the “best witness” to provide information on alleged crimes at 1MDB.

Mr Low, who previously said he did consulting work for 1MDB, is portrayed by some global investigators as a central figure behind some of the schemes involving missing funds at the state investment company. He has denied wrongdoing.

United States prosecutors had painted Mr Low as a bon vivant and a central figure who set up shell companies and arranged the transfers of tens of millions of dollars to pay Malaysian government officials, while Singapore investigators have called him a “key person of interest”.

Malaysian investigators are focusing on a former 1MDB unit known as SRC International as they renew their investigations.

The summon for Mr Low comes after the MACC recorded statements from former premier Datuk Seri Najib Razak and his wife Rosmah Mansor in relation to SRC.

It is also looking for Mr Nik Faisal Ariff Kamil, the former managing director of the unit.

Media reports have placed Mr Low in various places around the world including Thailand, Hong Kong and Australia, while it is unclear where Mr Nik Faisal is.

Tun Daim Zainuddin, who was appointed by Prime Minister Tun Dr Mahathir Mohamad to help oversee Malaysia’s renewed 1MDB probe, said that he “roughly” knows where Mr Low is and has called for him to return.

The MACC is calling members of the public with knowledge of their whereabouts to contact it.

Malaysia has enough evidence on Mr Low’s crimes, Home Affairs Minister Tan Sri Muhyiddin Yassin said in a speech to employees at the ministry on Thursday.

“While I’m not saying we should preempt the rule of law, in cases where it is clear and apparent, and where those involved have been named, we should take stern and quick action,” he said.

Bloomberg

https://www.straitstimes.com/asia/se-asia/jho-low-via-spokesperson-says-will-contact-malaysian-authorities-to-help-in-1mdb-probe

Singapore hands life ban to banker in 1MDB-linked cases

December 19, 2017

AFP

.

© AFP | Financial regulator the Monetary Authority of Singapore (MAS) handed the punishment to Yeo Jiawei, noting he had being convicted of several 1MDB-linked charges, including money laundering, cheating and tampering with witnesses

SINGAPORE (AFP) – Singapore on Tuesday banned a jailed banker from working in its financial services industry for life over his links to the international money-laundering scandal involving neighbouring Malaysia’s state fund 1MDB.Financial regulator the Monetary Authority of Singapore (MAS) handed the punishment to Yeo Jiawei, noting he had being convicted of several 1MDB-linked charges, including money laundering, cheating and tampering with witnesses involved in the probe into the case.

Image result for Yeo Jiawei, photos

Yeo Jiawei is at the left, with Low Taek Jho

Allegations that huge sums were misappropriated from 1MDB through money-laundering triggered a corruption scandal that has embroiled Malaysian Prime Minister Najib Razak, who founded the fund. Najib and the fund have denied wrongdoing.

Yeo, a Singaporean who is a former wealth manager with Swiss bank BSI, is one of several bankers jailed over the affair in the city-state.

He was jailed for 30 months in 2016 and was handed another 54-month sentence in July, which is running concurrently with his first jail term.

Court documents showed that he worked closely with Malaysian financier Low Taek Jho, also known as Jho Low, who helped set up 1MDB and is at the heart of the scandal. Low has denied any wrongdoing.

On Tuesday MAS also handed down a three-year ban to Kevin Scully, chief executive of NRA Capital, saying it had failed to objectively valuate PetroSaudi Oil Services, another firm involved in the 1MDB case.

The latest bans bring the total number of barred 1MDB-linked bankers in Singapore to eight, the financial regulator said.

The 1MDB scandal has been described by prosecutors as the “largest ever money-laundering case” investigated by Singapore’s white-collar crime unit.

The United States and Switzerland have also launched investigations into the 1MDB fund but only Singapore has handed down any convictions so far.

1MDB: “It is highly likely that the Malaysian government has more to hide.”

March 23, 2017

 

Malaysiakini

Clever Voter: The 1MDB scandal will find its way one day to become a famous case study for future MBA (Master’s in Business Administration) students.

It is a big thing because our politicians have shamelessly and carelessly allowed wealth worth billions to disappear. That’s more than some countries’ GDP (gross domestic product). That’s why it is reasonable for concerned citizens to demand full accountability over the 1MDB losses.

The 12-point answers by Second Finance Minister Johari Abdul Ghani are carefully worded. But it confirmed the fact that the government has more to hide.

Many have resigned to the fact that shameless politicians will continue to enjoy a decadent lifestyle with their ill-gotten wealth.

Yet we see the same people preaching about good virtues, which leave us wondering how one lives with the shame, hypocrisy and sins without losing sleep. It’s really amazing.

Kingfisher: Johari must be commended for his attempt at explaining the mismanagement of 1MDB.

But those who have followed this notorious financial scandal will not be convinced by his reasoning that there is no criminal breach by a number of individuals in this financial fiasco that has gained international notoriety as one of the biggest swindle of public funds in recent history.

His explanation, while it is well meant, can be viewed as missing the trees for the forest. Particularly, when substantive details and evidence of alleged “crimes” have been exposed by government agencies overseas, including via court procedures, for example the one by the US Department of Justice (DOJ).

The concern shown by foreigners is a reflection of their own apprehensions of the international impact of 1MDB’s failure as it impinges on their own institutions and reputation.

The entirety of the monies lost by 1MDB is apparently solely the onus of our government, hence we should be thorough and transparent to get to the truth.

Clongviews: Johari, credit must be given to you for coming up with the lengthy 12 points. By all means, recover as much losses in 1MDB, but at the same time investigations and possible criminal charges should proceed.

Surely, you are fully aware that efforts to investigate by the various agencies were interfered with or derailed. Until today, the police are still investigating, while other countries have taken action, even though you claimed that they are on governance issues.

So, even if Petaling Jaya Utara MP Tony Pua gives the issue a rest, the rakyat will not.

Fairman: Johari, why only go after Pua? The answers sought over the 1MDB scandal are demanded by every right-thinking Malaysians.

Just to refresh your memory, on Jan 26, 2016, attorney-general (AG) Mohamed Apandi Ali refused Malaysian Anti-Corruption Commission’s request to go overseas to collect evidence on the RM2.6 billion on grounds the money came from an Arab donor.

Apandi said RM2.03 billion was returned to the donor. And in July last year, the DOJ said the RM2.6 bilion in Najib’s personal bank accounts was from 1MDB. Why the AG did not assign US lawyers to challenge the contention?

Malaysian Prime Minister Najib Razak (in pink) delivers Malaysia's 2017 budget to parliament in Kuala Lumpur in October.

Malaysian Prime Minister Najib Razak (in pink) delivers Malaysia’s 2017 budget to parliament in Kuala Lumpur in October. Photo: AP

Johari, ‘jangan cuba menegakkan benang basah’ (don’t try to defend the indefensible). The people come first, not the Pekan MP.

Kim Quek: Johari claimed that there is no clear-cut evidence of crime, and asked Pua what the government can do now. My humble suggestions for immediate action by government:

1. Form a bipartisan parliamentary select committee with full authority to look into all MACC relevant investigation papers, reports and recommendations, including those submitted to the AG, and to summon MACC and AG’s Chambers officials to answer questions.

2. Declassify the Auditor-General’s Report on 1MDB.

3. Grant MACC and police immediate approval to seek mutual legal assistance in foreign countries.

Legit: Johari, for your information, Pua is doing exactly what he has been elected to do – that is, to question the alleged abuses, indiscretions, the massive stealing and lying allegedly by the leader of your party and the government and all their cronies.

On the contrary, it is you, the rest of the disgusting sycophants and the partners in ‘crime’ who have failed the voters and cheated the people of Malaysia

Demi Rakyat: I am obsessed with 1MDB since it is here where the greatest betrayal to our country was committed. This betrayal was by the man who took billions of ringgit allegedly stolen from the rakyat and then blatantly lied about where it came from.

How can any loyal rakyat who loves the country not be obsessed by this? This is betrayal in the highest order, and until and unless this individual is arrested and charged, the issue will not go away.

Ib: Johari, so your job is to clean up 1MDB, but there is no need for the culprits to caught and charged? Is this Umno’s approach?

Ahbengkia: Please don’t try to impress us with your 25 years of corporate experience. It means nothing to us.

Why the letters of support and guarantee letters must remain enforceable? Let them go into default, it is okay with us.

I believe the letters of support and guarantee letters were issued with fraudulent intent. I believe bonds investors knew about this, and they conspired with bond issuers and arrangers to cheat the Malaysian government and its taxpayers. Period.

Kangkung: Johari, we do not have a “complete picture” because of people like you. Don’t try to pull the wool over our eyes with your open letter.

The 1MDB is the world’s biggest financial scandal and MO1 (Malaysian Official 1) is at the centre of it all.

Anonymous_5fb: To them, from the way I see it, those in power can do what they like so long as no one knows about their wrongdoings, or if someone knows, they are not made known to the world, and that their (and the country’s) credibility is still intact.

And, when their wrongdoings are exposed, they blame the loss of credibility on Pua.

******************************

The above is a selection of comments posted by Malaysiakini subscribers.  Join the Malaysiakini community and help set the news agenda.

These comments are compiled to reflect the views of Malaysiakini subscribers on matters of public interest. Malaysiakini does not intend to represent these views as fact.

Read more: https://www.malaysiakini.com/news/376693#ixzz4c8o9ZAu0

Related:

 (Contains links to several related stories)

US to charge Malaysia businessman in 1MDB scandal

March 22, 2017

AFP

© GETTY IMAGES NORTH AMERICA/AFP/File | US authorities plan to charge businessman Jho Low in connection with the 1MDB scandal, which involves allegations that huge sums of money have gone missing from the Malaysian state fund, a report says

KUALA LUMPUR (AFP) – US authorities plan to lodge criminal charges against a businessman suspected to be at the centre of a corruption scandal that has embroiled Malaysia’s prime minister, the Wall Street Journal reported.

Allegations that huge sums were misappropriated from the Malaysian state fund 1MDB have triggered a scandal which has buffeted Prime Minister Najib Razak, who founded 1MDB, though the leader has denied any wrongdoing.

Najib is a family friend of Malaysian financier Low Taek Jho, also known as Jho Low, against whom the US plans to file criminal charges of wire fraud and money laundering, according to the report published on Tuesday.

The planned charges against Low will be separate from civil proceedings filed by the US Justice Department to seize assets believed to have been bought using billions of dollars siphoned from 1MDB, the report added, citing people familiar with the matter.

Global investigators from about 10 countries believe that billions of dollars were extracted from 1Malaysia Development Bhd, set up by Najib in 2009.

Whistle-blowers say Low helped establish 1MDB and made key financial decisions although he had no official positions in Malaysia. Low has denied any wrongdoing.

Billions are believed to have moved through Singapore, Switzerland and other wealth centres in order to buy art, real estate and invest in Hollywood movies.

Singapore and Switzerland have also launched investigations into the cross-border flow of allegedly stolen 1MDB money through the global financial system.

A US Justice Department team has just visited Singapore “to conduct interviews related to Mr Low and other aspects of the 1MDB matter,” the Wall Street Journal said, quoting two people with knowledge of the trip.

Singapore, a regional financial centre known for its tough stance against corruption, was the first country to hand down criminal convictions related to the 1MDB investigations.

The city-state’s courts have jailed four private bankers so far, including Singaporean Yeo Jiawei, who was sentenced last December to 30 months in prison.

It was revealed during Yeo’s trial that he had worked closely with Low, who has not been charged in Singapore.

Singapore has also closed the local branches of two Swiss private banks — BSI and Falcon Private Bank — used in the transfer of illicit funds.

The Monetary Authority of Singapore last week banned a former Goldman Sachs banker from working in the country’s financial industry for 10 years after he was linked to the 1MDB scandal, and said it plans to impose bans on three more people.

Related:

 (Contains links to several related stories)

Malaysia: Dr Mahathir lawyer say Prime Minister Najib Abdul Razak and his followers divert attention from the 1MDB scandal

January 30, 2017

Malaysiakini

The revival of claims surrounding the Bumiputera Malaysia Finance (BMF) scandal and linking it to former prime minister Dr Mahathir Mohamad are attempts to divert attention from the 1MDB scandal, claims lawyer Haniff Khatri.

This “attack as the best mode of defence” tactic should not be used by Prime Minister Najib Abdul Razak, Haniff, who is Mahathir’s lawyer, said in a statement today.

“This tactic can be seen as attempts to erroneously link the BMF scandal issue with Mahathir, just because it was first exposed during his administration, even though it started before his time,” he said.

Read more: https://www.malaysiakini.com/news/370865#ixzz4XEVRht9T

Related:

1MDB — New Zealand court allows replacement trustees — Necessary to safeguard the trust

January 23, 2017

.

Jho Low speaks onstage during Angel Ball 2014 hosted by Gabrielle's Angel Foundation at Cipriani Wall Street on October 20, 2014 in New York City.

Jho Low speaks onstage during Angel Ball 2014 hosted by Gabrielle’s Angel Foundation at Cipriani Wall Street on October 20, 2014 in New York City. Credit Dimitrios Kambouris | Getty Images

A New Zealand court on Friday approved a request by relatives of Malaysian businessman Low Taek Jho to appoint new trustees to fight the seizure of assets by the U.S. government in its investigation of the scandal-tainted 1MDB fund.

Low and several family members stand to lose $260 million in assets held in New Zealand trusts that they benefited from after the U.S. government seized the assets in a California court proceeding.

Assets included a aircraft, property in New York and the Viceroy L’Ermitage Hotel in Beverly Hills.

In its ruling, the New Zealand High Court agreed to a request by Low’s family members to replace their Swiss trustees with New Zealand and Cayman Islands trust services companies.

“I am satisfied that the replacement of the current trustees with trustees who are willing to ensure that proper legal steps are taken in the California proceedings is not only expedient, but necessary to safeguard the trust assets,” Judge Christopher Toogood said in his judgment.

Court records said the Swiss trustees did not take any steps to stop the seizure, citing concerns that that would be considered money laundering by the U.S. government.

1MDB Scandal: Talks Between Malaysia, Abu Dhabi Over Missing Money Break Down

January 21, 2017

Malaysia’s 1MDB fund is the subject of investigations in six countries

.

Updated Jan. 20, 2017 2:53 p.m. ET

Negotiations between government investment funds in Malaysia and Abu Dhabi over who is responsible for billions of dollars in missing money have broken down, according to people familiar with the matter, making it harder for the two funds to put the scandal behind them.

Abu Dhabi sovereign-wealth fund International Petroleum Investment Co. has said 1Malaysia Development Bhd. owes it about $6.5 billion after Malaysia defaulted on…

http://www.wsj.com/articles/1mdb-scandal-talks-between-malaysia-abu-dhabi-over-missing-money-break-down-1484941644

*********************************

Negotiations over how to resolve Abu Dhabi’s US$6.5 billion claim against 1MDB have broken down, The Wall Street Journal reported.

.

The report said Abu Dhabi and Malaysia nearly reached a deal last December in which Putrajaya would need to fork out a US$1.2 billion payment as a first step to the dispute resolution.

“But Malaysia pulled out because advisers to the prime minister were dissatisfied with the agreement,” said the report, citing people familiar with the matter.

The dispute is now expected to go for international arbitration, it said.

According to the US Department of Justice, around US$3.5 billion of 1MDB funds, including those intended for Abu Dhabi’s International Petroleum Investment Company’s subsidiary Aabar Investments PJS, was diverted to several individuals including billionaire Low Taek Jho, better known as Jho Low…

Read more: https://www.malaysiakini.com/news/370054#ixzz4WPsskPbJ

Related:

US sues to seize $US1B in assets tied to Malaysian state fund

Malaysian sovereign wealth fund scandal: MP Tony Pua files suit linking PM Najib Razak to $970m from 1MDB — $US3.5 billion from 1MDB allegedly embezzled

January 19, 2017
 By Lindsay Murdoch
Sydney Morning Herals

A civil lawsuit has been filed against Malaysian Prime Minister Najib Razak and his government over the country’s multibillion-dollar sovereign wealth fund scandal, claiming he wrongly exercised his lawful authority.

The misfeasance in public office claim intensifies pressure on Mr Najib amid speculation he intends to call an early election, capitalising on disarray among opposition parties after a crackdown to silence his government’s critics under draconian laws, including arresting dozens.

International investigators believe associates of Mr Najib siphoned billions of dollars from the 1Malaysia Development Berhad (1MDB) fund that the then deputy prime minister set up in 2009 and oversaw through his chairmanship of an advisory board.

The 110-page claim filed in a Kuala Lumpur court by opposition MP Tony Pua details how $US731 million ($977 million) was transferred into Mr Najib’s personal bank accounts that allegedly originated from 1MDB.

RELATED CONTENT

Najib extends powers amid fury over 1MDB scandal

Malaysian PM under the microscope: a timeline

Mr Pua, the national publicity secretary of the Democratic Action Party, told Fairfax Media the claim is a “last legal resort to sue Najib to seek justice on behalf of Malaysians in the hope that the guilty will be punished”.

For more than two years Mr Najib, the British-educated son of a former prime minister, has shrugged off allegations swirling around 1MDB as investigators in six countries attempted to trace huge sums of 1MDB money through foreign banks, funds and shell companies.

The Australian Federal Police are assisting international investigators as they hunt assets linked to the scandal in Australia.

The US Justice Department in July last year filed its largest ever civil forfeiture case, seeking more than  $US1 billion in assets, part of what it said was  $US3.5 billion from 1MDB allegedly embezzled since 2009.

“The Malaysian people were defrauded on an enormous scale in a scheme whose tentacles reached around the world,” FBI Deputy Director Andrew McCabe said at the time.

Assets seized by the Department of Justice include luxury New York property, art and the proceeds of the Hollywood movie The Wolf of Wall Street from the alleged mastermind of the scandal, Malaysian businessman Low Taek Jho, a millionaire playboy known as Jho Low who is reportedly sailing the world in his super-yacht Equanimity.

Attempts to contact Mr Low have been unsuccessful.

The department’s case refers to a high-ranking official in the Malaysian government who received hundreds of millions of dollars from 1MDB, a reported reference to Mr Najib, a close ally of successive Australian governments.

Mr Najib has denied any wrongdoing, claiming some of the money that turned up in his bank accounts was a donation from an unnamed Saudi prince.

He has claimed some of the money was returned but left unexplained what happened to millions of dollars.

Mr Pua is seeking general, aggravated and exemplary damages in the claim, a copy of which has been obtained by Fairfax Media.

The claim, which is set for mention in court on February 16, cites transfers to Mr Najib’s accounts in 2011, 2012 and 2013.

It alleges that  $US681 million was transferred to Mr Najib’s account in March 2013, just before the country’s general election in which his long-ruling United Malays National Organisation (UMNO) lost the popular vote but was returned to power through a gerrymandered electoral system that favours  Malays in rural constituencies.

The claim alleges that Mr Najib recklessly used his influence and position to procure guarantees for 1MDB bonds and that he maliciously approved associated companies to enter into various transactions and agreements.

It alleges that Mr Najib led the unlawful misappropriation of 1MDB funds and provided misleading replies to questions in parliament about the fund.

Mr Pua said the claim is probably the most complete set of allegations, evidence and documentation of misfeasance allegedly committed by Mr Najib, who has maintained the support of UMNO powerbrokers through an entrenched system of  patronage where party largesse is spread among the country’s Malay majority.

“The attorney-general and other investigating agencies – the police and the Malaysian Anti-Corruption Commission – have failed the people of Malaysia by refusing to take criminal action against parties involved in the multibillion-dollar scandal, including Najib,” Mr Pua said.

Mr Najib’s government shut down investigations into 1MDB in 2015 which, according to The Wall Street Journal, had called for criminal charges against Mr Najib.

In early 2016 Malaysia’s attorney-general – Mohamed Apandi Ali, a freshly-appointed party ally of Mr Najib’s – cleared the prime minister of any wrongdoing.

Last November, opposition MP Rafizi Ramli was convicted of violating Malaysia’s Official Secrets Act by revealing details of a 1MDB audit from an agency whose findings are normally public.

He was sentenced to 18 months’ jail but denies the charges and is appealing.

Last week the former branch manager of Falcon Private Bank in Singapore was jailed for 28 weeks on charges under the city-state’s money laundering rules in relation to 1MDB.

Meanwhile, Mr Najib has told Malaysian civil servants in a speech that they should not take what “belongs to the people” after the arrest of several government officials on corruption charges.

Former Malaysian prime minister Mahathir Mohamad, a fierce critic of Mr Najib, was last year party to a separate civil claim of misfeasance against Mr Najib.

http://www.smh.com.au/world/malaysian-mp-tony-pua-files-suit-linking-pm-najib-razak-to-970m-from-wealth-fund-20170118-gttjsb.html

Related:

US sues to seize $US1B in assets tied to Malaysian state fund

Malaysia’s 1MDB Scandal: Former Banker Charged in Singapore

January 5, 2017

By Grace Leong
The Straits Times

SINGAPORE – Singapore authorities have charged Falcon Private Bank’s former Singapore branch manager, Swiss national Jens Sturzenegger, with 16 offences relating to Singapore’s probe into Malaysian state fund, 1Malaysia Development Bhd (1MDB).

Sturzenegger, 42, is expected to plead guilty on Jan 11, it was disclosed in a Singapore court on Thursday (Jan 5). Representing Sturzenegger, Mr Tan Hee Joek of the law firm of Tan See Swan & Co told The Straits Times today that his client intends to plead guilty to some of the charges.

He was released on bail of S$80,000.

Sturzenegger is the fifth person but the first foreigner charged in Singapore amid global-wide probes into money-laundering and corruption at the Malaysian fund. 1MDB has consistently denied any wrongdoing.

In October last year, Falcon Bank became the second bank to be closed down by Singapore regulators over 1MDB connections, after BSI in May.

 Image may contain: 4 people, people smiling, people standing and text

In one of the charges, Sturzenegger was accused of conniving in Falcon’s failure to submit reports on suspicious transactions relating to inflows of US$1.265 billion (S$1.82 billion) into two Falcon bank accounts between March 21 and 25, 2013, to the Suspicious Transactions Reporting Office of the Commercial Affairs Department (CAD).

In another charge, he was accused of giving false information to a CAD officer that he met Eric Tan, a close business associate of Malaysian financier Low Taek Jho, on March 14, 2013 when in fact he had met Mr Low himself. Sturznegger was accused of causing the CAD officer to “omit probing for connections” between Mr Low and himself.

Mr Low, most often referred to as Jho Low, is a confidant of Malaysian Prime Minister Najib Razak’s family and among figures allegedly at the heart of 1MDB’s angled dealings. Mr Low has said previously he provided “occasional” consulting to 1MDB that did not break any laws.

On Wednesday, the lawyer for Yeo Jiawei, a former BSI banker found guilty of attempting to tamper with witnesses in an 1MDB-related case, said he will appeal his conviction and sentence.

Yeo, 34, was sentenced on Dec 22 to a 30-month jail term, the longest yet handed down by a Singapore court in 1MDB-related cases. He also faces money-laundering charges, set to be heard in court this April.

Yeo is the third former BSI banker to be found guilty in the city’s 1MDB investigations.

Yak Yew Chee was sentenced in November to an 18-week jail term and fined for forging documents and failing to disclose suspicious transactions allegedly related to Malaysian financier Low Taek Jho. His subordinate, Yvonne Seah Yew Foong, was jailed for two weeks and fined on Dec 16 for similar offenses. Yak and Seah didn’t file appeals, according to their lawyers.

Another Singaporean, Kelvin Ang Wee Keng, believed to be a former remisier at Maybank Kim Eng Securities, is out on bail of S$100,000. Mr Ang, who allegedly had dealings with Yeo Jiawei, was charged in April last year with corruptly giving a gratification sum of S$3,000 to a research analyst, allegedly to expedite the preparation of a favourable valuation report.

http://www.straitstimes.com/business/banking/falcon-banks-ex-singapore-branch-manager-slapped-with-16-1mdb-related-charges