Archive for November 11th, 2016
Ex-BSI Banker Yak Found Guilty in Singapore 1MDB-Linked Case
Posted by Kit in Financial Scandals on Friday, 11 November 2016
Andrea Tan and Livia Yap
Bloomberg
November 11, 2016
Yak Yew Chee, a former BSI SA private banker, became the first person to be found guilty in a Singapore case linked to 1Malaysia Development Bhd. He also became the first banker to be convicted in the global corruption and money laundering probes surrounding the Malaysian investment fund.
Yak pleaded guilty in a Singapore court Friday and the judge convicted him of four charges, including forging documents and failing to disclose suspicious transactions allegedly related to Malaysian financier Low Taek Jho. The former senior banker at BSI had faced seven charges, and prosecutors said the other three charges would be taken into consideration for sentencing.
Low has been named as a key person of interest by Singapore authorities and characterized by U.S. prosecutors as the controller of an illicit payments scheme draining billions from the Malaysian investment fund. The high-living financier had previously described his role with 1MDB as informal consulting that didn’t break any laws. Read the rest of this entry »
Malaysia rebuffs Swiss inquiries into 1MDB
Posted by Kit in Financial Scandals, Najib Razak on Friday, 11 November 2016
Ralph Atkins in Bern and Jeevan Vasagar in Singapore
Financial Times
10th Nov 2016
Refusal adds to concerns about Kuala Lumpur’s response to multiple investigations
Malaysia has rebuffed Swiss efforts to investigate multibillion-dollar corruption allegations surrounding the 1MDB state investment fund.
Officials in Kuala Lumpur refused an appeal from Swiss authorities for help in gathering evidence into claims that up to $4.8bn was diverted from companies linked to 1MDB, a fund set up by Najib Razak, Malaysia’s prime minister.
The refusal will add to questions about the adequacy of Malaysia’s apparent response to an affair that is the subject of multiple international inquiries.
Switzerland had twice asked Malaysia for mutual legal assistance, Michael Lauber, the Swiss attorney-general, said in an interview.
“Very recently we have had the response that the Malaysian authorities will not reply to our request,” he said. “They just said that under their legal framework, they can’t reply.” Read the rest of this entry »
Congrats Pandikar on improving googling skills but he has still some distance to go to acquire general proficiency of an ordinary Internet user
Posted by Kit in Parliament on Friday, 11 November 2016
Congrats to the Speaker, Tan Sri Pandikar Amin Mulia on his improving googling skills but it is obvious he has still some distance to go to acquire general proficiency expected of any ordinary Internet user.
Early this month, Pandikar “congratulated” the DAP MP for Segambut, Lim Lip Eng, for discovering on the Internet an episode which revealed that in 1981, several parliamentarians had left the House of Commons when the finance minister tabled the budget – in rebuttal of the Speaker’s earlier remark on the walkout staged by Pakatan Harapan MPs when Prime Minister Najib Abdul Razak tabled Budget 2017 in Parliament on Oct 21.
Pandikar had at the time admitted to not being as well-versed, or careless, in “Googling”. Read the rest of this entry »
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