Singapore authorities have begun investigations into the Malaysian state fund 1Malaysia Development Berhad (1MDB), said Singapore’s chief prosecutor Tan Ken Hwee, noting the “complex and layered transactions” uncovered during the probe.
In the case of Singaporean Kelvin Ang Wee Keng, who was charged with corrupt transactions, prosecutors in the state courts stated that many shell companies were involved in 1MDB and that transactions extended across borders.
Ang, 34, was charged on 20 April for corruptly giving a gratification of S$3000 between 2013 and 2014 to research analyst Lee Chee Waiy. The money was given so that Lee would prepare a favourable valuation report issued by his equity research firm. From August 2008 and October 2015 Lee was an associate director at NRA Capital. Ang appeared in court via a video feed.
Ang has been involved in transactions with Yeo Jiawei, 33, an ex-BSI private banker and wealth manager who was also an accused in the 1MDB scandal.
The court submission regarding Ang did not directly mention 1MDB. Nevertheless, it is widely accepted that the case involves investigations into 1MDB.
Chief prosecutor Mr Tan called in his court submission for Ang to be remanded for another week due to the ongoing analysis of the transactions, which Mr Tan stated “will continue to take a significant amount of time.”
District Judge Christopher Goh granted prosecution’s application to further remand Ang for one week. Ang was granted reasonable access to legal counsel.
Still, Ang’s lawyer Hamidul Haq of law firm Rajah & Tann argued that Ang is not the main subject of investigations by the Commercial Affairs Department, and that being held in custody for six days was already enough.
Ang may face more charges against him in the near future. His hearing is scheduled for 11 May.