Singapore's investigators may now focus on 1MDB's controversial Cayman Islands investments in its massive probe into 1MDB involving multiple territories, reports The Business Times.
The Singapore-based business daily drew this conclusion based on a recent trial and investigations involving two individuals who were charged in court in the process of the investigations.
Former BSI SA private banker Yeo Jiawei was slapped with a charge related to cheating BSI Singapore in 2012, while Kelvin Ang faced corruption charges and has been detained for 16 days to assist the probe.
The authorities are investigating "complex and layered transactions" with "cross-border elements" involving many shell companies in their investigations into 1MDB, Singapore's chief prosecutor Tan Ken Hwee said.
Tan said this in court during the third mention of Ang's case. Ang was charged on April 20.
"Unravelling, unpacking and comprehensively analysing all the transactions has taken and will continue to take a significant amount of time.
"Progress has been made in the probe regarding the accused's role in the various matters being scrutinised.
"There are still, however, some remaining investigations that require a further period of remand," Tan said in his submission for Ang to be remanded for another week.
"The Commercial Affairs Department officers have been working on this and related matters round the clock and we expect to finalise the position in relation to this accused within the next six days," he added.
District judge Christopher Goh granted the prosecution's application.
No mention of 1MDB in court
Although there was no mention of 1MDB in court, The Business Times said it was widely accepted that the case involved investigation into the money trail of 1MDB.
The daily had reported that a Singapore boutique finance house was roped in to value 1MDB's controversial US$2.318 billion parked in the Cayman Islands.
Ang, 34, was charged with corruptly giving S$3,000 in 2013 and 2014 to a research analyst to expedite preparation of a favourable valuation report to be issued by his research firm.
Ang reportedly dealt extensively with Yeo in the past two years.
The next mention for Yeo, who is at the centre of the probe, is set for Thursday.
Yeo was charged with intentionally perverting the course of justice on March 27 by asking Samuel Goh to falsely inform the police that the monies Goh transferred to Bridgerock investment, was an investment by Goh.
Goh was a director of Bridge Capital Absolute Return Fund SPC, the Cayman Island-registered fund that 1MDB invested in back in 2012, that was managed by Bridge Partners.
