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|Summary:||Swiss bank's ex-manager jailed in 1MDB case|
|Date:||01/11/2017 10:36 AM|
A Singapore court has found a former manager at a Swiss private bank guilty of failing to report more than 1.26 (b) billion US dollars in suspicious transactions in a case linked to the indebted Malaysian state fund 1 MDB.
The court on Wednesday sentenced Jens Sturzenegger, a Swiss national and former manager at Falcon Private Bank, to 28 weeks in jail and fined him 128,000 Singapore dollars (89,143 US dollars).
He pleaded guilty to six charges including not disclosing information and lying to investigators.
In October, regulators ordered Falcon Private Bank to close down in Singapore and pay a fine of 4.3 (m) million Singapore dollars (2.9 (m) million US dollars).
Sturzenegger was the first foreigner to be charged in Singapore following a multinational investigation into allegations that people close to Malaysian Prime Minister Najib Razak stole over one (b) billion US dollars from the state fund, 1MDB, or 1Malaysia Development Bhd.
In February 2016, Singapore authorities said they had seized a large number of bank accounts as part of the investigation.
Singapore - 11 January 2017
1. Tilt down on entrance to State Courts
3. People leaving court
4. Jens Sturzenegger (screen-left) and his lawyer, Tan Hee Joek (screen-right), walking up ramp towardsentrance
5. Tracking shot of Sturzenegger walking
6. Sturzenegger and Tan entering State Courts
7. Courts' directory signage
8. SOUNDBITE (English) Tan Hee Joek, lawyer representing Jens Sturzenegger:
"Well, I think the sentences are fair and within range of what we have asked for, so I think after speaking with my client, he is unlikely to take any further steps in the proceedings."
9. Singapore flag
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