Legal
Court Shelves Trial Of Former BSI Wealth Planner With 1MDB Links

A new date has yet to be determined for the trial that was originally scheduled to take place in April.
The trial of a former BSI wealth planner who faces money laundering charges linked to Malaysia’s scandal-hit 1MDB fund has been postponed, according to media reports.
The attorney general’s chambers on Monday said Yeo Jiawei’s trial will not be held in April.
Prosecutors last year said the trial was originally scheduled to take place in April. However, a new date has yet to be determined.
Yeo, 34, was last year handed a 30-month jail sentence after a Singapore court found him guilty on four counts of perverting the course of justice. Prosecutors also found that the former BSI wealth planner urged witnesses to lie to the police while he was out on bail.
The trial that was set to begin in April related to other charges, however, including money laundering and cheating.
Monday’s pre-trial conference also revealed a shake-up in Yeo’s defence team.
Yeo was on Monday represented by Derek Kanf of Ho and Wee, but in a pre-trial conference in February was represented by a team from Harry Elias Partnership.
His next pre-trial conference will be held on 13 April.
Yeo, whose former colleagues Yak Yew Chee and Yvonne Seah were last year also sentenced to jail terms, was first arrested in March 2016 amid Singapore’s largest probe into alleged money laundering connected to 1Malaysia Development Berhad, or 1MDB.
The state-owned investment fund is currently the subject of money laundering investigations in at least six countries, including Singapore, the US, Switzerland and, most recently, Australia.
During Yeo’s trial last year, it was alleged that he made $23.9 million in the space of 15 months.
Earlier this year, this news service reported that Yeo used a tax haven as part of an $8.2 million splurge on Australian property.
Yeo is one of many former bankers who have been caught in regulators’ cross-hairs over their affiliations with 1MDB.
Singapore continues to be hot on the heels of those accused of siphoning money off from 1MDB in a global game of investments hide-and-seek.
Earlier this week, Singapore’s central bank and financial regulator, the Monetary Authority of Singapore, imposed a 10-year industry ban on a former Goldman Sachs banker who had dealings with 1MDB.
Last month, authorities in the city-state seized a $50 million private jet that belonged to Low Taek Jho, a Malaysian financier with Hollywood ties who is at the epicentre of worldwide probes into potential money laundering. Low’s Bombardier Global 5000 jet was grounded and impounded at Singapore’s Seletar Airport.
Meanwhile, a US federal judge last month approved a plan proposed by the Department of Justice to sell off Low’s stake in Manhattan’s Park Lane Hotel, one of his family’s assets forming some $1 billion allegedly acquired with funds stolen from 1MDB.
The DoJ alleged that Low used dirty money to purchase his 55 per cent stake in Park Lane Hotel. His stake in the hotel is said to be his family's largest asset that the US is seeking to seize.
The Low family's assets include a $107 million interest in EMI Music Publishing, a $50 million Bombardier jet, and a $30 million penthouse at Time Warner Centre in New York.
However, a spanner was thrown into the works when a New Zealand court in January ruled that Low's family could change trustees holding their assets. The decision could see the financier sidestep US authorities' seizure attempts.