Thursday, 10 November 2016 | MYT 1:56 PM
SINGAPORE: The island nation's Commercial Affairs Department (CAD) says it is investigating elusive Malaysian tycoon Jho Low (pic), his close business associate Eric Tan Kim Loong, and Mohamed Badawy Al Husseiny in relation to the money-laundering operation linked to 1Malaysia Development Board.
CAD investigation officer Oh Yong Yang told the court on the eighth day of the trial of former BSI banker Yeo Jiawei that the three men are "persons of interest" in the CAD's probe of the "complex, sophisticated and largest money laundering case involving billions of dollars in transactions".
The men, among others, are also being investigated in other jurisdictions, Oh said. Low and Tan are subject of the CAD probe since 2015, he added.
Yeo, who is on trial for four counts of obstructing justice, allegedly told Amicorp how to structure funds for entities supposedly linked to the legitimate Aabar Investments PJS, a unit of Abu Dhabi state fund International Petroleum Investment Co (IPIC).
Oh told the court that entities Aabar Investments PJS Ltd (Samoa) and Aabar International Investments PJS Ltd (BVI), along with two others Aabar Investments PJS Ltd ( Seychelles) and Aabar Investments PJS Ltd (BVI) featured in the CAD's investigations involving Yeo, Tan, Low Al Husseiny and others.
When asked by the prosecution if these entities were linked to the legitimate Aabar Investments PJS, Oh said "CAD has strong reasons to believe the four companies aren't related to the sovereign wealth fund." – The Straits Times/Asia News Network
