The troubled Malaysian wealth fund 1MDB has claimed yet another scalp in Singapore.
Singaporean remisier Kelvin Ang Wee Keng, pleaded guilty to one count of corruption after being charged in 2016 following an investigation into 1Malaysia Development Berhad (1MDB), local newspaper «The Straits Times» reports.
Ang, who was formerly with Maybank Kim Eng, was charged with paying former research analyst Lee Chee Waiy with $3,000 to expedite a favourable valuation report on a 1MDB asset held in the Cayman Islands and managed by Bridge Capital Partners, finews.asia reported last year.
A Never Ending Tale
Ang was hit with a fine of S$9,000 after he pleaded guilty to one count of corruption. During sentencing, district judge Lim Keng Yeow also took into account the three weeks' remand already served by Ang last year.
Prosecutors had earlier told the court that Ang had dealt extensively for over two years with former BSI Singapore banker Yeo Jiawei, who is a »central figure in the investigations« and several others implicated in improper dealings.
Fifth Person To Be Convicted
Ang becomes the fifth person to be convicted on charges linked to Singapore’s probe into the troubled Malaysian fund. Together with Yeo, two other BSI bankers and an ex-branch manager at Falcon Private Bank in Singapore received jail terms.
