A private banker at Grupo BTG Pactual SA’s Singapore unit had his bank accounts frozen and was questioned in a probe related to 1Malaysia Development Bhd., a debt-ridden government investment fund in a neighboring country, according to people familiar with the case.
Yak Yew Chee, employed by BSI Bank in Singapore, has filed a request to the Singapore High Court to have access to his funds, according to two people with knowledge of the case, who asked not to be identified because the information isn’t public.
The senior private banker was the relationship manager for 1MDB Global Investments, a unit of the Malaysian investment fund, as well as Aabar Investments, SRC International Sdn. and financier Low Taek Jho, according to one of the people. In September, several of Yak’s bank accounts amounting to $10 million were frozen as part of investigations surrounding 1MDB Global, and he is now applying for the release of some of these for the payment of personal income taxes, legal fees and basic expenses, the person said.
‘Large Number’
Singapore’s central bank and white-collar police said Monday in response to queries on 1Malaysia Development, also known as 1MDB, that authorities have seized “a large number” of bank accounts in connection with possible money-laundering in the country. 1MDB, whose advisory board is headed by Prime Minister Najib Razak, has been the subject of overlapping investigations at home and in countries including Switzerland and Hong Kong amid allegations of financial irregularities.
BSI spokesman Luciano Crobu said the bank’s policy is to not comment on such queries. Yak’s lawyer didn’t immediately respond to a message requesting comment. Low, who has been linked to 1MDB, couldn’t be reached at his Hong Kong office after normal business hours.
1MDB declined to comment in an e-mailed response. Abu Dhabi’s Aabar Investments, which signed an agreement to form a joint venture with 1MDB in 2013, didn’t immediately respond to an e-mail seeking comment.
The Monetary Authority of Singapore and Commercial Affairs Department said they have sought and are continuing to seek information from several financial institutions, and are interviewing various individuals. Singapore is cooperating with relevant authorities including those in Malaysia, Switzerland and the US, the agencies said in their statement on Monday.
Malaysian Probe
1MDB said in a statement late Monday that it had not been contacted by Singapore authorities, in reference to the Singapore statement earlier that day. The company remains committed to fully cooperating with any lawful authority and investigation, subject to advice from the relevant domestic lawful authorities and in accordance with international protocols governing such matters, it said.
Malaysia’s attorney general closed the door on a graft investigation into Najib last month, clearing the prime minister of wrongdoing over a “personal contribution” of US$681 million ($971 million) from Saudi Arabia’s royal family, and funds from a company linked to 1MDB that appeared in his personal bank accounts.
Najib has maintained the funds were not used for private benefit, with US$620 million later returned to the Saudi donors, although there hasn’t been a clear explanation as to what the rest was spent on or where that money is now. Both the premier and 1MDB have consistently denied any wrongdoing.
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Yak Yew Chee, employed by BSI Bank in Singapore, has filed a request to the Singapore High Court to have access to his funds, according to two people with knowledge of the case, who asked not to be identified because the information isn’t public.
The senior private banker was the relationship manager for 1MDB Global Investments, a unit of the Malaysian investment fund, as well as Aabar Investments, SRC International Sdn. and financier Low Taek Jho, according to one of the people. In September, several of Yak’s bank accounts amounting to $10 million were frozen as part of investigations surrounding 1MDB Global, and he is now applying for the release of some of these for the payment of personal income taxes, legal fees and basic expenses, the person said.
‘Large Number’
Singapore’s central bank and white-collar police said Monday in response to queries on 1Malaysia Development, also known as 1MDB, that authorities have seized “a large number” of bank accounts in connection with possible money-laundering in the country. 1MDB, whose advisory board is headed by Prime Minister Najib Razak, has been the subject of overlapping investigations at home and in countries including Switzerland and Hong Kong amid allegations of financial irregularities.
BSI spokesman Luciano Crobu said the bank’s policy is to not comment on such queries. Yak’s lawyer didn’t immediately respond to a message requesting comment. Low, who has been linked to 1MDB, couldn’t be reached at his Hong Kong office after normal business hours.
1MDB declined to comment in an e-mailed response. Abu Dhabi’s Aabar Investments, which signed an agreement to form a joint venture with 1MDB in 2013, didn’t immediately respond to an e-mail seeking comment.
The Monetary Authority of Singapore and Commercial Affairs Department said they have sought and are continuing to seek information from several financial institutions, and are interviewing various individuals. Singapore is cooperating with relevant authorities including those in Malaysia, Switzerland and the US, the agencies said in their statement on Monday.
Malaysian Probe
1MDB said in a statement late Monday that it had not been contacted by Singapore authorities, in reference to the Singapore statement earlier that day. The company remains committed to fully cooperating with any lawful authority and investigation, subject to advice from the relevant domestic lawful authorities and in accordance with international protocols governing such matters, it said.
Malaysia’s attorney general closed the door on a graft investigation into Najib last month, clearing the prime minister of wrongdoing over a “personal contribution” of US$681 million ($971 million) from Saudi Arabia’s royal family, and funds from a company linked to 1MDB that appeared in his personal bank accounts.
Najib has maintained the funds were not used for private benefit, with US$620 million later returned to the Saudi donors, although there hasn’t been a clear explanation as to what the rest was spent on or where that money is now. Both the premier and 1MDB have consistently denied any wrongdoing.
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