It seems that never a day goes by these days without another piece of financial detritus tumbling out of the septic 1 Malaysia Development Berhad fund file.
The latest revelation related to the Malaysian fund comes from the British newspaper «The Guardian» in its report on the use of a Seychelles registered company, of which the recently jailed former BSI banker Yeo Jaiwei, is a director, to invest $8.2 million into prime Gold Coast real estate.
The report reveals that Yeo’s venture into the buoyant Australian property market began with the purchase of a $1.3 million luxury apartment in the Soul Building, the Gold Coast’s second-tallest highrise, which overlooks the ocean. A little over a year later Yeo was back in for several commercial properties in Broadbeach, a popular dining district, shelling out a further $6.9 million.
Unbelievable Amount
Last month Yeo Jiawei (pictured above) was found guilty and sentenced to two and a half years in jail for directing former associates to destroy evidence and lie to criminal investigators in Singapore.
During the trial the rapid rise of the personal wealth of the banker came to light. Yeo allegedly made $23.9 million in the space of one year and three months.
Under cross examination it was put to him that earning $23.9 million in fifteen months as an intermediary was unbelievable.
However Yeo countered by explaining that the payments were in fact legitimate referral fees from «one of the biggest sovereign wealth funds in the world». The former wealth planner is appealing the verdict. However Yeo will be back in the spotlight before too long as another court trial on charges of money-laundering awaits him in April this year.
Australia Joins Other Countries
Meanwhile the Australian federal police are investigating whether money illegally taken from the 1 Malaysia Development Berhad fund (1MDB) has been deposited locally.
That investigation is also looking into whether any Australian citizens, residents or companies breached proceeds-of-crime laws. The authorities down under join a growing list of countries including Switzerland, the U.K. Singapore and the U.S. who continue to sift through the trial of deception left by the plagued fund.
