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Report: 1MDB-linked S'pore banker denies wrongdoing
Published:  Feb 5, 2016 3:00 PM
Updated: Feb 7, 2016 4:22 PM

A private banker who is a subject of Singapore’s investigation into debt-ridden 1MDB has denied any wrongdoing, Bloomberg reported.

Yak Yew Chee, who since 2009 has worked at BSI Bank, a unit of Grupo BTG Pactual SA, reportedly made the claim in court documents released today.

The report quoted Yak as saying in the documents that he did not get unlawful benefits from managing 1MDB’s accounts, Abu Dhabi’s Aabar Investments PJSC and Malaysian financier Low Taek Jho all of whom are allegedly linked.

This was according to a declaration he made to the bank on April 27, 2015 and reproduced in the court papers.

Yak had earlier withdrawn his motion to Singapore High Court for the release of several of his bank accounts, worth S$10 million, frozen as part of the authorities' investigations into alleged financial misdealings linked to 1MDB.

According to the Bloomberg report, prosecutor Tan Kiat Pheng said Yak, 58, was free to transfer his overseas funds for the payments.

Yak, a senior vice-president at BSI, is paid a monthly salary of about S$82,000.

“From the documents, he does not appear to have done anything wrong, subject to further investigations,” Yak’s lawyer Roderick Martin was quoted as saying after the hearing.

Among the claims made in the documents are that Yak had sent a sum of S$5.7 million overseas, which was described as bonus payments for his work at BSI, between May and September last year.

Yak was at the time being placed on leave as BSI conducted investigations into unspecified “certain matters”.

BSI’s lawyer Cavinder Bull also said at the hearing that the bank was ready to assist the court in any way.

Both Najib and 1MDB have consistently denied any wrongdoing in the cases which are under subject of international investigations.

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