State prosecutors in Singapore said the tiny republic’s investigation involving embattled 1Malaysia Development Berhad – the Malaysian sovereign fund embroiled in a global scandal – is the largest money laundering probe ever undertaken in Singapore.
This is what State prosecutors said Friday in written submissions to the High Court in Singapore, in which they indicated the city’s while collar police were investigating “the most complex and largest money laundering case”.
In oral statements, prosecutors added that the investigations centered on what is globally “one of the largest money laundering cases ever.”
A supporting affidavit from Singapore’s police said its investigation was into “complex, cross-border transactions, involving staggering sums of moneys.”
As of Friday, Malaysian officials and ministers were still in denial investigations in Singapore into the running of affairs by the now defunct BSI, has links with 1MDB.
1MDB issued statements in which the top management of the state fund said they were never contacted by either the Singaporean or Swiss Attorneys or police, insisting they had done no wrong.
Yeo Jiawei, a former wealth manager at Swiss private bank BSI SA’s Singapore branch (who may also be linked to 1MDB, but no evidence supporting his alleged involvement in 1MDB scandal is yet to be seen) has been denied bail.
Yeo’s lawyer said in court that he has been unable to get clear instructions from his client on whether or not he disputes the charges, and said that his access had not been sufficient while his client is in custody. Singapore prosecutors dispute the contention from Yeo’s lawyer.
Another lawyer for Yeo told Wall Street Journal previously that his client intended to fight the nine charges against him, which include attempting to pervert the course of justice and money laundering.
WSJ said Yeo appeared in court Friday dressed in purple prison clothing. He remained silent, and shook his head in disagreement when the prosecutor accused him of tampering with witnesses and suggested Yeo might do it again if released on bail.
1MDB investigations biggest financial scandal in Singapore
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