S’pore private banker linked to 1MDB withdraws motion to release frozen bank accounts
The final audit report on 1Malaysia Development Berhad (1MDB) by the auditor-general has been classified under the Official Secrets Act (OSA) 1972 by the National Security Council. Photo: Malay Mail Online
SINGAPORE — Private banker Yak Yew Chee has withdrawn his motion seeking to release his bank accounts frozen in Singapore this morning (Feb 5).
Mr Yak’s lawyer Martin Roderick Edwards said despite the freeze, Yak will still be able to transfer some S$1.7 million of funds held in foreign bank accounts to Singapore to pay for his taxes, legal fees and basic expenses.
Mr Yak was not present at the brief 15-minute hearing at the High Court, which saw a packed public gallery.
According to past reports, Mr Yak was a senior private banker at BSI Singapore and serves as the relationship manager for Malaysian tycoon Low Taek Jho.
This was the first case in Singapore courts arising from the Government’s probe into funds supposedly linked to 1Malaysia Development Berhad. The Commercial Affairs Department (CAD) and the Monetary Authority Singapore (MAS) issued a joint statement on Monday saying they have been “actively investigating” possible money laundering and other offences carried out in Singapore involving 1MDB.
Court documents showed that Yak earned more than S$27 million in salary and bonuses over the past four years. As part of its investigations, the CAD issued orders in September last year to prevent dealing of funds amounting to almost S$9.7 million against 12 of Mr Yak’s bank accounts in Singapore.
However, authorities did not prohibit him from dealing in funds in his remaining accounts, wrote a CAD officer in an affidavit filed on January 26.
Yak's motion had been filed on November 24, last year.
Responding to media queries, the CAD said most of the bank accounts were seized in second half of 2015.
Objecting to Yak’s initial motion, the prosecution said he has “more than ample funds” for the necessary expenses.
“(Yak) had been less than candid and forthright in bringing this unmeritorious application which should be dismissed,” said the prosecution.
