Ex-BSI banker Yeo faces two new charges of cheating
The BSI bank office in Singapore. Photo: Louisa Tang/TODAY
SINGAPORE — As the Monetary Authority of Singapore (MAS) moved against his former employer BSI Bank for serious breaches of anti-money laundering requirements, two fresh cheating charges were pressed against Yeo Jiawei, formerly a wealth planner at the bank.
Meanwhile, prosecutors also indicated that Yeo’s trial could start soon, as lawyers on both sides again locked horns over the issue of granting bail to Yeo. The new charges against Yeo — bringing the total to nine — accuse the 33-year-old of dishonestly inducing BSI into entering an agreement with two entities by hiding the payouts he stood to gain from these transactions in 2013.
The two entities are Pacific Harbor Holdings Limited (PHHL) and Devonshire Capital Management Limited (Devonshire), the investment managers of Pacific Harbor Global Growth Limited and Devonshire Capital Growth Fund, respectively.
Yeo purportedly received a portion of the fees paid to PHHL and Devonshire through Bridgerock Investment Inc, which he beneficially owned, according to court documents.
Yeo’s earlier charges include receiving ill-gotten funds, amid global investigations into Malaysian state investment fund 1MDB, forgery and perverting the course of justice.
In arguing for his client to be let out of remand on S$200,000 to S$400,000 bail, defence lawyer Harry Elias argued that only two of the nine charges Yeo is facing were non-bailable offences — the two charges under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act.
The veteran lawyer also argued that it was “unacceptable” for his client to be held in remand for 38 days, adding that Yeo was not at risk of absconding given that his immediate family members are Singaporeans. Yeo’s passport is being held by the police and if he is let out on bail, he could report to the police daily and give an undertaking to not contact anyone involved in the ongoing investigations, added Mr Elias.
In response, Second Solicitor-General Kwek Mean Luck pointed out under the law, the onus is on Yeo to show that he should be granted bail.
He urged the court to factor in Yeo’s “proclivity” to tamper with witnesses, citing how Yeo had been in contact with no fewer than five witnesses on five separate occasions during investigations.
For instance, Yeo met Kelvin Ang — another Singaporean who has been charged in relation to the probe — days after the latter was questioned by the authorities last month.
Mr Kwek also said Yeo had been deceptive by attempting to mask his communication with key witnesses by using the enhanced security features of Telegram to “self-delete” messages and using a pre-paid mobile line that was not registered in his name. He told the court that the prosecution is looking at separating Yeo’s offences so as to “move more expeditiously” to a trial.
Acknowledging that these were unusual steps taken by the prosecution, Mr Kwek said this was because Yeo “himself has taken unusual steps” where unlike most cases, the court does not see the accused “actively tampering with witnesses”.
District Judge Christopher Goh will deliver his decision on whether to grant Yeo bail tomorrow.
