May 26, 2016 / 10:27 AM / 3 years ago

Singapore ex-BSI wealth manager stays in remand as prosecutor challenging bail

An employee enters the reception area of Swiss bank BSI's office in Singapore May 24, 2016. REUTERS/Edgar Su/File Photo - RTX2EAL5

SINGAPORE (Reuters) - A former Singapore wealth manager of troubled Swiss private bank BSI Bank will remain in remand of white-collar police after the state prosecutor said it is challenging a court’s decision on Thursday to grant him bail of S$600,000 ($435,761).

The case is part of Singapore’s money laundering investigation related to scandal-hit 1Malaysia Development Berhad (1MDB) [TERRN.UL], which is being probed by at least six jurisdictions.

The prosecution’s move to challenge the bail in the High Court means Yeo Jiawei, a 33-year-old Singaporean who is facing nine charges including forgery, money laundering and has already served 40 days in remand, stays in detention.

Yeo was present in the State Court on Thursday, but did not make any remarks. The court said Yeo will stay in remand until June 1 to allow the higher court to hear the prosecution’s challenge.

In an unprecedented move this week, Singapore’s central bank ordered the closure of BSI’s operations in the city-state, while Switzerland began criminal proceedings against the private bank, in the biggest international crackdown on financial entities dealing with 1MDB.

Yeo was one of five former employees of BSI whom Singapore’s central bank has referred to the public prosecutor for possible criminal charges.

Reporting by Saeed Azhar and A. Ananthalakshmi; Editing by Anshuman Daga and Muralikumar Anantharaman

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