Two ex-BSI bankers in Singapore charged in 1MDB probe
Two former bankers for Switzerland’s BSI Bank have been charged by the Singapore police as part of their investigation into 1Malaysia Development Bhd (1MDB).
Two former bankers for Switzerland’s BSI Bank have been charged by the Singapore police as part of their investigation into 1Malaysia Development Bhd (1MDB).
The former chief executive for Asia of Swiss private bank BSI has settled a lawsuit against the bank for freezing his bonus, two months after Singapore’s regulator, in a rare move, ordered that the bank be shut down.
Lapses in anti-money laundering and other scandals have “made a dent” in Singapore’s reputation as a “clear and trusted financial centre”, said Ravi Menon, managing director of the Monetary Authority of Singapore (Mas).
The former chief executive of BSI Bank in Singapore, Hans-Peter Brunner, is suing the Swiss bank for freezing his bonus two months after the Singapore regulator ordered that the bank be shut down.
On what has been a very trying day for Switzerland-headquartered BSI Bank, the company’s chief executive has stepped down with immediate effect. BlackRock has poached its new senior managing director from a Canadian pension fund, while Aegon’s managing director for retail is to retire after 30 years with the company.
In the “worst case of control lapses and gross misconduct seen in the Singapore financial sector” Switzerland-headquartered BSI Bank is to be shut down, with six former and current members of staff referred to the public prosecutor, the first such move by the Monetary Authority of Singapore (MAS) since 1984.