MUSIC PLAYER AT BOTTOM

OVER 130 TOP HITS AVAILABLE ON OUR MUSIC PLAYER AT THE BOTTOM. TO VIEW THE LIST - CLICK ON MENU ICON AT THE BOTTOM RIGHT ... PLAYER NOT AVAILABLE FOR MOBILE PHONE / TABLET USERS

TO GET UPDATES IN YOUR E-MAIL PLEASE SUBMIT YOUR EMAIL ADDRESS

Thursday, 12 January 2017

Swiss banker was jailed for seven months in Singapore on Wednesday for money laundering and other offences related to a corruption scandal involving 1MDB


Image result for Jens Fred Sturzenegger

Swiss jailed in Singapore over Malaysia's 1MDB saga

AFP

A Swiss banker was jailed for seven months in Singapore on Wednesday for money laundering and other offences related to a corruption scandal involving neighbouring Malaysia's state fund 1MDB.
Jens Fred Sturzenegger, 42, who headed the Singapore branch of Swiss lender Falcon Private Bank, was also fined Sg$128,000 ($89,000) after he pleaded guilty at a district court, making him the first foreigner linked to the scandal convicted in Singapore.
Allegations that huge sums were misappropriated from 1MDB have triggered a scandal which has embroiled Malaysian Prime Minister Najib Razak, though the leader has denied any wrongdoing.
Three Singaporean private bankers from another Swiss lender, BSI, were jailed last year in relation to the affair.
Among them was Yeo Jiawei, who was sentenced to 30 months in prison for witness tampering and obstructing the 1MDB probe. Other money laundering charges are set for an April trial.
It was revealed during Yeo's trial that he worked closely with Malaysian financier Low Taek Jho, also known as Jho Low, a family friend of Najib.
Najib founded the 1MDB fund while Low helped set it up and played a key role in its decisions. Low has also denied wrongdoing.
State prosecutors said Sturzenegger lied when he told Singapore investigators he did not know it was Low who owned the Falcon bank accounts involved in the suspicious transactions.
Low had used the alias Eric Tan in his dealings with Falcon, but the prosecutors said Sturzenegger was aware of it and had even met the Malaysian businessman.
Prosecutors also said that despite having suspicions of "astronomical sums" of more than $1 billion moving into Low's accounts at Falcon, Sturzenegger did not file a suspicious transaction report to financial regulators.
Singapore, a regional financial hub known for its transparency and tough stance on corruption, last year kicked out Falcon Bank and BSI for what regulators called massive lapses in financial controls.
Both banks were allegedly used to transfer illicit funds.
The United States and Switzerland have also launched investigations into the 1MDB fund but only Singapore has meted out convictions so far.
- 'Extremely modest' salary -
Sturzenegger was initially slapped with 16 charges, including six for allegedly failing to report suspicious transactions totalling $1.7 billion in March 2013.
Another 10 charges were for giving false information to Singapore authorities who were investigating the use of the city-state's banking system as a conduit for the transfer of illicit funds involving 1MDB.
He pleaded guilty to three charges related to money laundering and three charges of giving false information. The other charges were taken into consideration in the sentencing.
Sturzenegger's lawyer told the court in a mitigation plea before the sentencing that his client did not personally profit from the transactions.
He also said the Swiss banker's annual salary of Sg$400,000 ($278,000) was "extremely modest" compared with that earned by the BSI bankers implicated in the 1MDB case.
Defence lawyer Tan Hee Joek told reporters after the hearing that his client was "unlikely" to appeal the sentence and that Sturzenegger would start serving the jail time on Wednesday.
In his sentencing, Judge Ow Yong Tuck Leong said he agreed with the prosecution to impose a deterrent sentence as Sturzenegger had shown "persistent deceitful conduct".
But he also acknowledged that Sturzenegger "fully cooperated" with the investigation and was a first-time offender.

Image result for Jens Fred Sturzenegger

No comments:

Post a Comment

PLEASE LEAVE A COMMENT TO WIN A PRIZE EVERY FORTNIGHT

Related Posts Plugin for WordPress, Blogger...

TWITTER POSTS

Popular Posts - Last 7 days

Popular Posts - Last 30 days

Popular Posts - All Time

STORY SOURCE

The best stories & news from The Star Online, NST, Malaysian Digest, Asiaone, Beautifulnara, Rotikaya, Ohbulan, TheMalayMailOnline, Siakap Keli, Malaysian Insider, Free Malaysia Today and Yahoo are shared in this BLOG bestfbkl.blogspot.com

This Blog claims no credit for any images or stories on this site unless otherwise posted.

Post and Images on this blog are copyright to its respectful owners.

If there is a post or image appearing on this blog that belongs to you and do not wish for it to appear on this site, please email with a link to the said image, it will be promptly removed.

Google+ Followers