Monday, December 19, 2016

The 1MDB Verdict

Last month, I laughed at the verdict given to Yak Yew Chee. The private banker was jailed18 weeks on fraud charges relating to Malaysia's 1MDB financial scandal. He was also fined $24,000. His crime; being paid $7.5 million for helping with a transfer of $110 million.

Even writing this, I’m having an urge to laugh. A fine of $24,000 for being paid $7.5 million? 18 weeks jail for a fraud that was $110 million? That’s laughable right? Well, it seems I had laughed too early because the sentence to the second person convicted in the mess that is 1MDB is even funnier.

Yvonne Seah, a former director at the Singapore branch of Swiss bank BSI, helped forge documents and failed to report suspicious money transfers from accounts allegedly linked to Malaysian financier Low Taek Jho. She pleaded guilty. Her sentence was a fortnight in jail and a fine of $10,000.

Seriously, I don’t know why the Singapore courts bother. Billions were misappropriated from the Malaysian state fund and these guys helped to the tune of $110 million. The sentences were weeks and their fines were like less than 1% of the money they took.

Now that’s a laugh. Like I said earlier…why bother? 

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