Singapore Convicts Fifth Person Involved in 1MDB-Related Cases

by Andrea Tan
May 24, 2017

Kelvin Ang Wee Keng was fined S$9,000 ($6,477) after he admitted that he made a corrupt payment to an analyst in a Singapore case related to 1Malaysia Development Bhd investigations.

Ang, 35, was a broker with Kim Eng Securities Pte until 2015 and made about S$100,000 annually in commissions, prosecutor Vincent Ong said in a Singapore State Court on Wednesday. He was charged a year ago for what authorities said was corruptly giving S$3,000 to a research analyst to speed up the preparation of a favorable valuation report.

While the charge sheet at that time didn’t give further details, the city’s Attorney-General’s Chambers said he was “implicated in a number of illicit transactions” with former BSI SA wealth planner Yeo Jiawei. Yeo is appealing his conviction and 30-month jail term for obstructing justice in another case relating to the 1MDB probe. Ang, who is now unemployed, was Yeo’s friend, Ong said in court.

The payment was given to expedite a report for a $2.4 billion valuation for PetroSaudi Oil Services Ltd. assets, Ong said. Ang made $235,000 in referral fees in a deal involving the PetroSaudi assets, Ong said.

Hamidul Haq, Ang’s lawyer, said his client “used an uncharacteristic approach of trying to give a carrot instead of going through the proper channels.” The payment was a “simple-minded action,” Haq said.

Handing down the penalty, Judge Lim Keng Yeow said “corruption must be robustly deterred.”

Ang is the fifth person to be convicted on charges linked to Singapore’s probe into the troubled Malaysian state investment fund. As well as Yeo, two other BSI bankers and an ex-branch manager at Falcon Private Bank Ltd. in Singapore received jail terms.

Singapore has shut the local units of BSI and Falcon, and banned former Goldman Sachs Group Inc. banker Tim Leissner over breaches linked to 1MDB. The city has also fined banks for anti-money laundering lapses related to the Malaysian fund. 1MDB, which is at the heart of multiple probes across the globe, has consistently denied wrongdoing.

  1. #1 by Bigjoe on Thursday, 25 May 2017 - 4:54 am

    Singapore continues to plough away at refining it’s already low corruption system but here we have ministers and ex- ministers argue whether the other person is more hypocritical on the issue of corruption. In other words BN politicians are arguing corruption wrong is relative.

    In fact this is the real argument of Najib, those on his side including Hadi’s PAS. Even the crusading MACC Chief is making the same Animal Farm porky argument. UMNO Youth even argue they get to steal for another 35 more years.

    Problem is, it’s NEVER true. There is no such thing as some corruption is more justifiable than others. There is no such thing as those who are corrupt will get rid of corruption. It’s absolutely true “Once the core is corrupt it’s hopeless”

  2. #2 by Bigjoe on Thursday, 25 May 2017 - 7:33 am

    What is more disturbing is some 30% think Najib is still fit to be PM, UMNO/BN still OK to rule despite the proven corruption and wrecking the foundation of institutional governance.

    Such a dysfunctional sympathy for corruption, for abuse of power speaks of unhealthy social attitudes, a social burden that has much implication in crime, education, work productivity

  3. #3 by bruno on Thursday, 25 May 2017 - 7:40 am

    Just like what Singapore is doing,putting all the crooks involved in 1MDB in prison.The Feds and now a special counsel is probing the Russian interference and possible collusion of Trump campaign officials in the US presidential elections.

    Why is Donald Trump interfering and trying to stop the FBI investigations into his campaign officials?Because if the Feds kept on digging,they might come up with paper trail, leading to the Trump organisation’s money laundering of Russian,Kazakhstan and shady mob characters.Then,Donald Trump might have to seek political asylum in Somalia,a Muslim nation.

  4. #4 by bruno on Thursday, 25 May 2017 - 7:46 am

    For the top players involved in the 1MDB scandal to be prosecuted,Malaysia has first to do away with the kangaroo courts.Then clean up the public institutions.To be able to do this,is to win GE14.The PM wannabes cannot be Anwar or Muhyiddin.Mahathir or Zaid Ibrahim will be better choices.

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