Published by Finews Asia – 17th December 2016
The former Banca della Svizzera Italiana senior banker Yvonne Seah Yew Foong, was yesterday sentenced to two weeks behind bars and handed a $10,000 fine.
In receiving her prison term Seah followed in the footsteps of her Banca della Svizzera Italiana (BSI) colleague and line boss Yak Yew Chee who is currently serving an 18-week jail term after pleading guilty in November to similar offences.
According to a report in the Business Times Seah, who is 45 and married with two children, earned S$4.1 million from transactions involving her “most important client”, Malaysian tycoon Low Taek Jho.
Hundreds of Millions of Dollars Misappropriated
At this time Singapore is the only jurisdiction that has secured convictions related to the hundreds of millions of dollars misappropriated from the Malaysian wealth fund 1MDB.
The city-state acted quickly in shutting down the Singaporean based operations of Falcon Bank and BSI. The Monetary Authority of Singapore (MAS) also imposed fines on DBS, UBS, Coutts and Standard Chartered, in relation to their 1MDB-related fund flows.
MAS has also served a Prohibition Order against Tim Leissner, a former Director of Goldman Sachs (Singapore) for making false statements on behalf of Goldman Sachs (Asia), without the latter’s knowledge or consent.
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