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Friday, December 16, 2016

Noose Tightens Another Notch in Singapore : Another BSI Banker Jailed, Please note the 'stupid' excuses !!

This is from the Straits Times Singapore.

BSI banker Yvonne Seah gets jail, fine in S'pore's 1MDB probe


Yvonne Seah Yew Foong, former BSI director

SINGAPORE - Yvonne Seah sentenced two weeks' jail, fine S$10,000 Friday
2nd person convicted in probe into 1MDB money laundering 

Seah, 45 pleaded guilty to three charges 
forging documents, failing to report suspicious transactions related to Jho Lo
Prosecutors asked for two-week jail sentence and S$12,000 in fines.
Seah, in mitigation cited "claustrophobia". 
prosecutors disputed, no doctor confirmed claustrophobia

Seah's supervisor, Yak Yew Chee, serving 18-week jail
Yak, 57 fined S$24,000, will surrender S$7.5 million to State 

Jho Low identified as person of interest in probe into 1MDB
he embezzled billions from the state fund.
Yak, Jho Low's private banker, was Seah's direct boss 
Seah closely assisted Yak manage relationship with JoLo, Low Hock Peng
took instructions from Yak, who received instructions from JoLo and father.

charges relate to transfer (2/11/2012) of US$153m from Good Star
to BSI account of Abu Dhabi-Kuwait-Malaysia Investment, another Jolo account 

3 days later, US$153m moved to Low Hock Peng's BSI account. 
Nov 7, US$150m moved to another BSI account held by JoLo 
from his account US$110m transferred to Selune, firm JoLo beneficially owned.

circular flow of funds was questioned by BSI Compliance on Nov 6, 2012 
'nebulous to say the least and not acceptable in Compliance's view.'

Jolo boldly stated via e-mail that he had decided to give his father wealth 
'a matter of cultural respect and good fortune that arises from respect' 
his father decided to accept token sum and give the rest back to him

Yak forged reference letter on Feb 18, 2014 to BNP Paribas 
letter asserted Low family was "of good standing" with wealth of US$1.63b
Seah charged with helping Yak forge that letter. 

She helped Yak forger another letter on May 19, 2014, to Kendris.
Seah knowingly breached regualtions by signing BNP Paribas and Kendris letter 

Seah's salary plus bonus between 2010-2015 was S$4.1 million 

My comments : The supporting crooks are being caught and sent to jail, one by one. The very light and easy jail terms (18 weeks for Yak, two weeks for Yvonne Seah) clearly indicate that these folks have cut a deal with the prosecutors. 

Hence their lives are in danger. These folks (Yak, Yvonne and Yeo Jia Wei) better not cross the Causeway or even travel overseas (especially to Thailand).    They might end up inspecting an oil drum - from the inside.

Five days from now (Tick Tock, Tick Tock) the Singapore courts will pass judgement on Yeo Jia Wei.  He will be facing even more charges in Court in early 2017.

I believe Yeo Jia Wei's sentence will be longer but running into smaller single digit years. He will be promised more jail terms in 2017  (to run subsequently) if he does not cooperate. Or they may just lock him away for a long time.

All three will be called later as witnesses when Jo Lo is arrested and brought to trial in Singapore. This seems to be a certainty.

These cases are so simply, stupidly open and shut. 

Listen to the flimsy excuses. Yvonne Seah says she is 'claustrophobic' and hence she helped forge letters, launder money and put away S$4.1 million in salaries and bonuses !! Not bad for a claustrophobe.

And the JoLo fellow (despite a Wharton education) says that he moved US153 million to his father's account  out of filial piety - a Chinese cultural thing he says ! !

Then the good father returned US150 million (after deducting US$3 million for mahjong ??)  out of fatherly love ??

This type of silly, childish excuses are worse than the weird stories my poorly educated Indonesian maid used to cook up to borrow money.  

And you present these types of silly excuses to a Court? In Singapore? 

The point I am trying to make is - is this the best you have? 
Is this the best that you can do?

And the oil drums are cleverer?

Tick tock, tick tock. 

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