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[SGX] Falcon Bank’s ex-Singapore branch slapped with 16 1MDB-related charges

Singapore authorities have charged Falcon Private Bank’s former Singapore branch Swiss national Jens Sturzenegger, with 16 offences relating to Singapore’s probe into Malaysian state fund, 1Malaysia Development Bhd (1MDB).

Sturzenegger, 42, is expected to plead guilty on Jan 11, it was disclosed in a Singapore court yesterday. Representing Sturzenegger, Tan Hee Joek of the law firm of Tan See Swan & Co told The Straits Times yesterday that his client intends to plead guilty to some of the charges.

He was released on bail of S$80,000. Sturzenegger is the fifth person but the first foreigner charged in Singapore amid global-wide probes into money-laundering and corruption at the Malaysian fund. 1MDB has consistently denied any wrongdoing.

In October last year, Falcon Bank became the second bank to be closed down by Singapore regulators over 1MDB connections, after BSI in May.

To read more visit: http://www.mmfsolutions.sg/news/singapore-share-market-updatefalcon-banks-ex-singapore-branch-slapped-16-1mdb-related-charges/
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