Yeo Jiawei amassed $23.9 mil just 15 months after leaving BSI: Prosecutors

yeo-jiawei-01

Photos of Yeo at the Floyd Mayweather vs Manny Pacquiao boxing match in Las Vegas in 2015 (Photo: The Edge)

Read about Singapore prosecutors’ descriptions of how young Singapore banker Yeo Jiawei allegedly amassed S$23.9 m in just 15 months to attain a net worth of S$26 m by the age of 32. He is accused of money laundering and witness tampering in relation to scandal-hit Malaysian state investment fund 1Malaysia Development Berhad (1MDB).

The source is The Edge, a respected business and investment newspaper from Malaysia which also has a Singapore edition.

……..

By Chan Chao Peh / theedgemarkets.com.sg | November 22, 2016 : 7:35 PM MYT

SINGAPORE (Nov 22): Prosecutors say former BSI wealth planner Yeo Jiawei accumulated a net worth of some $23.9 million in just 15 months through “secret profits” after he left the bank in June 2014.

Yeo, who turned 34 on Monday, is on trial for four counts of witness tampering. He faces seven other counts of money laundering, which will be heard next April.

In court on Tuesday, Yeo revealed that his net worth was around $2 million when he left the now-defunct BSI bank in Singapore. This was from his basic salary and bonuses earned while he was an employee there.

When the Commercial Affairs Department raided Yeo’s house in Oct 2015, the investigators seized Yeo’s iPad containing a document titled “Wealth Statement”.

In this document, Yeo had a list of his assets, including three properties in Singapore and two in Australia, as well as cash held in various currencies at several banks such as HSBC and OCBC. The total value of assets listed amounted to $25,988,735.

This meant that in just 15 months after leaving BSI bank, Yeo had accumulated some $23.9 million.

Read more here.
For reports on Singapore prosecutors’ accounts of how Malaysian businessman Jho Low was allegedly involved in the laundering of 1MDB funds, click here.

………

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About gptuitionsg

A dedicated English and GP tutor with First Class Honours from NUS, Steven Ooi retired from the profession after a 14-year career during which he was one of the most sought-after private tutors in Singapore. He is the recipient of the Minerva Prize from NUS, which is awarded to the top English Language honours student. This website, which has consistently ranked among the top 10 on Google and has received over 470,000 hits, has now been converted into a GP resource site cum listing of recommended tutors. If you are a GP or English tutor who wishes to be listed here, please email Steven Ooi at stevenooi18 @ yahoo.com (remove the spaces). Interested parties will be assessed and interviewed by Steven Ooi, and qualifications will be checked to uphold quality standards. DISCLAIMER: While every reasonable effort has been made to assess the competence and verify the qualifications of recommended tutors here, no guarantees are made and you engage them at your own risk. By using this website, you agree that you will not hold the webmaster Steven Ooi responsible for any consequences — direct or otherwise — that occur in relation with your use of this website.
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