SINGAPORE — Two men who were under investigation for their role in the 1Malaysia Development Berhad scandal that saw them receive “secret profits” have been given stern warnings in lieu of prosecution as they had been cooperative, the police said on Friday .
Officers from the Commercial Affairs Department investigated Mr Swampillai in relation to his role as head of wealth management services at BSI Singapore, where he oversaw the bank’s advisory and wealth management businesses with the subsidiaries of 1MDB. Mr Swampillai and Yeo then hatched a plan to take a cut of the management fees for themselves and without their then-employer, BSI Singapore, finding out.The company entered into secret agreements with the fund’s investment managers to receive a share of the management fees as referral fees.In 2017, Yeo — a close associate of Malaysian tycoon turned international fugitive Jho Low — wasby a Singapore court for money laundering and cheating.
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