A Singapore-based BSI private banker ensnared in a probe of Malaysian government fund 1MDB failed to show up for a Singapore court date.
In a surprising development, the banker also on Friday withdrew an objection to have 7.1 million Swiss francs in personal funds unblocked.
A lawyer for BSI banker Yak Yew Chee told a Singapore court that his client denies any wrongdoing, according to «Bloomberg».
Yak, who has worked at BSI in Singapore since 2009, stands accused of benefiting from managing the accounts of 1Malaysia Development Berhad. Yak was IMDB’s relationship manager, as finews.ch has previously reported.
Singapore’s authorities subsequently blocked funds linked to Yak after he was unable to provide conclusive information about the funds’ origin.
Request Withdrawn
Yak applied for the funds to be released, saying he needed them for legal fees and tax payments as well as basic expenses. On Friday, he withdrew the application, Singapore newspaper «The Strait Times» reported. Yak has sufficient funds in foreign bank accounts to pay taxes and legal fees, his lawyer argued in court.
According to Yak, the blocked funds are part of his salary and bonus payments from the last four years at BSI. All told, the Swiss private bank paid him more than 19 million francs during the period.
Spanner in the Works for BSI Deal Talks
The involvement of a high-ranking private banker in a criminal investigation comes at a particularly dicey time for BSI. The bank, which belongs to Brazilian investment bank BTG Pactual, is up for sale. Switzerland’s EFG International is a possible buyer of BSI, but isn’t likely to pursue talks until the legal matter is settled, as finews.ch reported
