SINGAPORE — Former BSI banker Yeo Jiawei used a shell company bearing a similar name to Abu Dhabi state fund subsidiary Aabar Investments PJS to pilfer US$4 million (S$5.6 million) on one occasion, his relationship manager testified yesterday.
This was the first time in Yeo’s trial that a link had been explicitly drawn to scandal-hit Malaysia state fund 1Malaysia Development Berhad (1MDB), which is said to have diverted money in a similar manner. In April, news website Malaysiakini reported that 1MDB transferred US$3.5 billion to Aabar Investments PJS Limited, which is based in the British Virgin Islands.
On the fifth day of Yeo’s trial for interfering with witnesses in allegations of money-laundering, forgery and cheating, the court heard that there are at least four shell companies bearing names similar to the real Aabar, a subsidiary of the International Petroleum Investment Company (IPIC). These shell companies are based in the British Virgin Islands, Samoa and Seychelles.
Mr Jose Pinto, a relationship manager from Amicorp Group, said Yeo, 33, had used one of these shell companies to pilfer US$4 million. Yeo had said the money was “referral fees” owed to this entity for securing a transaction between the governments of Malaysia and Saudi Arabia.
Later, when Yeo was charged in court, it became clear to him that it was a foil to pilfer money, said Mr Pinto, who is named in two of the four charges for perverting the course of justice that Yeo faces.
Yeo is accused of playing a key role in a money-laundering operation linked to 1MDB.
Mr Pinto also gave more details of how Yeo lived the high life after he left BSI in 2014 to work for Low Taek Jho, the Malaysian financier accused of siphoning billions of dollars from 1MDB.
For example, Yeo was flown via private jets to meetings in Barbados between Low, Aabar chairman Mohamed Al Husseiny and Low’s close associate, Eric Tan, among others, and put up at luxury hotels, the court heard.
In April last year, Yeo also joined the crew in Las Vegas for the boxing bout between Floyd Mayweather and Manny Pacquiao, where they had premium tickets that cost between US$30,000 and US$75,000.
“Yeo was very close to them,” Mr Pinto said.
Yeo was also concerned about obscuring his dealings with other individuals, Mr Pinto added, citing names such as Kelvin Ang — the second Singaporean charged in relation to the probe — and Samuel Goh, former head of agency distribution at NTUC Income.
“He told me to remember to compartmentalise, he used this word (‘compartmentalise’) more than one time … I understand it as he was trying not to let one know he was doing business with the other,” Mr Pinto said.
Like previous witnesses, Mr Pinto testified that Yeo adopted discreet modes of communication and would actively set up “secret chats” on Telegram to be self-destructed so as to leave no trace on servers.
After police investigations were launched against him, Yeo also told Mr Pinto to destroy his laptop, and to direct his colleague Aloysius Mun not to reveal his dealings with Amicorp Group if questioned.
Mr Mun is expected to take the stand later this week. KELLY NG
