FINANCIAL SERVICES | Staff Reporter, Singapore

Singapore gives toughest sentence yet in 1MDB probe

A former wealth planner was sentenced with 30-month jail term.

According to Bloomberg, Yeo Jiawei, a former wealth planner at Swiss bank BSI SA, was given a 30-month jail term, the longest sentence yet handed down by the courts in Singapore’s probes linked to 1Malaysia Development Bhd.

Yeo, 34, is the third former BSI banker to be found guilty in the city’s 1MDB-related investigations. Yak Yew Chee is serving an 18-week jail term and was fined after being convicted in November of forging documents and failing to disclose suspicious transactions allegedly related to Malaysian financier Low Taek Jho. Another banker, Yvonne Seah Yew Foong, was jailed for two weeks and fined on Dec. 16 for similar offenses. In Yeo’s case, the prosecution had asked for a 36-month sentence.

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