1MDB case: Singapore banker admits to money laundering

Yeo Jiawei was sentenced to 54 months in jail by a Singapore state court.

A man holds up a poster as pro-democracy group Bersih stages a 1MDB protest, calling for Malaysian Prime Minister Najib Abdul Razak to resign, in Kuala Lumpur, Malaysia. REUTERS

Yeo Jiawei, a former banker serving the jail term in Singapore's probes linked to 1Malaysia Development Bhd., admitted to money laundering charges on Wednesday.

He was sentenced to 54 months in jail by a Singapore court.

Here's a quick factbox on 1MDB case:

WHO: 1Malaysia Development Berhad is a government investment company that was formed in 2009 under Prime Minister Najib Razak to attract foreign flows.

WHAT: Investigators are trying to find out whether money flowed through and around 1MDB and illegally into personal accounts. Some of the money is alleged to have ended up with Najib and his family.

WHERE: Probes are going on in at least 10 countries, focused on possible embezzlement or money laundering. Reports suggest money worth at least $4.2 billion is involved in irregular transactions.

(With inputs from Bloomberg)