A private banker who is a subject of Singapore’s investigation into the scandal-ridden 1Malaysia Development Bhd (1MDB) has withdrawn his motion to the High Court in the island republic for the release of several of his bank accounts.

The authorities had frozen the accounts of Yak Yew Chee, worth S$9.7 million, while investigating alleged financial misdealings surrounding the controversial Malaysian state investment fund.

Yak is a senior private banker with Singapore’s BSI Bank, and was reported to be a relationship manager with 1MDB Global Investments Ltd, among others.

Yak’s lawyer, Roderick Martin, stated that his client wished to remit a sum of S$1.757 million from a foreign account so as to meet several expenses, including his taxes and legal fees.

Martin said it was his client’s “obligation” to pay his taxes and as such, Yak was willing to bring in the necessary funds to do so, provided the money is not seized by the authorities.

He pointed out that Section 35 of the Criminal Procedure Code, pertaining to seizure of assets, does not apply to foreign banks.

“If my learned friend (the deputy public prosecutor) says the money will not be seized… we can go back and enjoy Chinese New Year.”

'Money will not be seized'

To this, Deputy Public Procecutor (DPP) Tan Kiat Pheng pointed out that Yak, who himself was not present in court this morning, should have made this request prior to filing the motion to unfreeze his accounts.

However, when pressed by Judicial Commissioner See Kee Oon, Tan confirmed that the money, if brought in by Yak, would not be seized.

“There is nothing stopping the applicant (Yak) from remitting these funds,” Tan said.

With that, Martin stated that Yak’s motion to release the accounts is withdrawn.

Lawyer Cavinder Bull held a watching brief for BSI Bank.

In a court document filed by the DPP, released this morning, the public prosecutor objected to Yak’s earlier motion to have his accounts released, since Yak had failed to disclose in his affidavit that he had “substantial overseas funds”, rendering his motion on grounds of necessity “risible”.

The document states that Yak had transferred a “staggering S$5.7 million to foreign bank accounts” prior to his accounts being seized by the Commercial Affairs Department (CAD) in September.

This is on top of a monthly salary exceeding S$80,000 from October to December 2015, it adds.

Singapore’s Straits Times had on Tuesday named Yak in relation to investigations being conducted by the island republic’s Commercial Affairs Department (CAD) and Monetary Authority of Singapore (MAS).

The report also linked Yak to billionaire Jho Low, Aabar Investment PJS Ltd, and SRC International Sdn Bhd, all of which have ties with 1MDB.

This came after the CAD and MAS confirmed they had frozen a “large number of bank accounts” as part of their investigation into 1MDB, which began in the middle of 2015.

On Jan 30, the office of Swiss attorney-general Michael Lauber revealed that Switzerland’s own investigations indicated that some US$4 billion (RM16.6 billion) had been misappropriated from 1MDB and that it has requested help from Malaysia for its investigation.

It also stated that Malaysian Prime Minister Najib Abdul Razak, who oversees the 1MBD’s advisory board, was not under investigations.

1MDB, which has repeatedly denied any wrongdoing, recently claimed it has not been contacted by “any foreign legal authorities” over matters concerning the company.

“1MDB remains committed to fully cooperating with any lawful authority and investigation, subject to advice from the relevant domestic lawful authorities, and in accordance with international protocols governing such matters,” reads both statements dated Jan 30 and Feb 1.