Singapore probing complex transactions involving 'many shell companies' in 1MDB case

Singapore probing complex transactions involving 'many shell companies' in 1MDB case

SINGAPORE authorities are probing "complex and layered transactions" with "cross border elements" involving many shell companies in their investigations into 1Malaysia Development Berhad (1MDB), according to prosecutors here.

This was revealed by Singapore's chief prosecutor Tan Ken Hwee at the third mention in the state court in the case involving Kelvin Ang Wee Keng, who was charged with corrupt transactions in a massive ongoing probe into 1MDB.

While the submission in court again made no mention of 1MDB, it is widely accepted that the case involves the probe into the money trail of Malaysia's troubled state-backed firm.

"Unravelling, unpacking, and comprehensively analysing all the transactions has taken and will continue to take a significant amount of time," said Mr Tan in his submission for Ang to be further remanded for another week.

Ang, 34, was charged on April 20 for corruptly giving a gratification sum of S$3,000 sometime between 2013 and 2014 to research analyst Lee Chee Waiy to expedite preparation of a favourable valuation report to be issued by his equity research firm.

Ang, who appeared in court via video link, is believed to be employed in the finance sector.

He also dealt extensively for over two years with another accused in the 1MDB case, ex-private banker of BSI Singapore Yeo Jiawei and "some others implicated in improper dealings", according to Mr Tan.

"Progress has been made in the investigations regarding the accused's role in the various matters being scrutinised. There are still, however, some remaining investigations that require a further period of remand," Mr Tan submitted.

"CAD (Commercial Affairs Department) officers have been working on this and related matters round the clock and we expect to finalise the position in relation to this accused within the next six days," he added.

District Judge Christopher Goh granted prosecution's application to further remand Ang.

This article was first published on May 4, 2016.
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