SINGAPORE (March 14): The trial of former BSI wealth planner Yeo Jiawei over money-laundering charges linked to Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MDB) has been postponed.
Following a pre-trial conference on Monday, the Attorney-General’s Chambers said the trial will not be held in April.
The new date for the trial, which was originally scheduled to be held in April, according to prosecutors last year, has yet to be determined.
Yeo, 34, has already been convicted last year for tampering with witnesses and is currently serving a 30-month sentence.
He was described by Judge Ng Peng Hong to be the “rainmaker” in a network of entities, individuals and transactions linked to 1MDB.
The pre-trial conference yesterday also revealed a change in Yeo’s defence lawyers.
Yeo on Monday was represented by Derek Kang of Ho and Wee LLP. Back in a pre-trial conference on Feb 14, he was represented by a team from Harry Elias Partnership LLP.
Yeo’s next pre-trial conference will be held on April 13.
Meanwhile, across the Causeway, Malaysia's Information Department has frozen employees’ annual leave applications for overseas travel.
The freeze will take effect on May 1, in preparation for the country's 14th General Election, which must be held by August 2018.
Back in Dec 1, 2016, Prime Minister Najib Razak had said that the polls would be held “soon”.
Yeo is part of a widening web of private bankers that have been implicated in the 1MDB scandal.
The Monetary Authority of Singapore (MAS) on Monday slapped former Goldman Sachs executive Tim Leissner with a 10-year ban from working in the financial industry here.
Leissner is said to have helped 1MDB arrange issuance of billions in bonds, earning the American investment bank hefty fees.
Two other former private bankers will face lifetime ban for their involvement with alleged 1MDB mastermind Low Taek Jho, also known as Jho Low.
They are Jens Fred Sturzenegger, former branch manager of Falcon Private Bank Singapore branch (Falcon Bank), and Yak Yew Chee, Low’s relationship manager.
Yak’s long-time subordinate, Yvonne Seah, will face a 15-year ban, said MAS.