Kelvin Ang, second person charged in 1MDB probe, released from remand

KELVIN Ang Wee Keng, who was charged on April 20 with corrupt transactions following an ongoing probe into 1Malaysia Development Berhad (1MDB), was released from remand on Monday with bail set at S$100,000.

At a mention in Singapore's state court on Monday, prosecutors said that investigators have assessed that Ang's further remand was no longer necessary although his assistance was still required as investigations are not complete.

Last week, on May 4, the court had directed that Ang be remanded until May 11. However, Singapore's prosecution had applied for an earlier mention on Monday as it did not seek to remand accused persons for longer than was necessary, according to a statement by the Attorney-General's Chambers (AGC).

The prosecution noted that although the accused was charged under a non-bailable offence, it would not object to bail and had submitted that bail be offered in the sum of S$100,000.

The case has been adjourned for pre-trial conference on June 30.

Ang, 34, was charged for corruptly giving a gratification sum of S$3,000 some time between 2013 and 2014 to research analyst Lee Chee Waiy to expedite preparation of a favourable valuation report to be issued by his equity research firm. It was reported that Lee had held the position of associate director at NRA Capital between August 2008 and October 2015. He is currently research head at Phillip Securities.

At an earlier mention, prosecutors told the court that Ang had dealt extensively for over two years with another accused in the 1MDB case, ex-private banker of BSI Singapore Yeo Jiawei (who is deemed a "central figure in the investigations") and some others implicated in "improper dealings".

It is widely understood that the dealings are in relation to activities and transactions involving 1MDB's money trail which is being probed by Singapore's Commercial Affairs Department.