Flash: First legal case involving Singapore's probe into 1MDB
IN the first legal case involving a massive probe into Malaysia's 1Malaysia Development Berhad, a criminal motion will be heard on Friday at the Singapore high court involving a senior private banker with BSI Singapore.
The Business Times understands that Mr Yak Yew Chee, who was the relationship manager of Malaysian tycoon Low Taek Jho or better known as Jho Low and a few entities linked to 1MDB, is applying for the release of some S$10 million in several of his bank accounts that were frozen as a result of Singapore authorities' probe into 1MDB.
It is understood that the funds were frozen in September 2015.
Mr Yak was also the relationship manager for entities linked to 1MDB namely 1MDB Global Investments Ltd, Aabar Investment PJS Limited and SRC International Sdn Bhd.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Discussion on EU-Asean FTA has shifted towards cooperation in specific areas: DPM Heng
US core capital goods orders rise moderately in March
Chinese tourists are again embracing international travel
Abu Dhabi raises US$5 billion with first eurobonds in three years
Thailand’s 500 billion baht handout aims to boost overall economy, not geared to poor: official
German business sentiment rises more than expected in April: Ifo