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.
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