How did Swampillai and his colleague obtain secret commissions?

Question

Accepted Answer

Swampillai and Colleague Negotiated Secret Commissions with Fund Managers

Kevin Michael Swampillai and a colleague sought and obtained secret commissions by directly negotiating with the fund managers of fiduciary funds, to which billions of dollars were being channelled. This action was taken after their employer, BSI Bank, initially declined their request for increased salary and bonuses, which they felt they deserved beyond the standard bonuses calculated differently for other bank officers involved in 1MDB transactions.
Negotiation with Fund Managers

Swampillai candidly testified that he and his colleague approached the fund managers of fiduciary funds involved in 1MDB transactions. They negotiated directly with these fund managers to arrange for commissions to be paid to them, bypassing the bank's established compensation structures. These fiduciary funds were handling substantial sums, described as billions of dollars, which were being channelled through them.
Motivation for Seeking Secret Commissions

The motivation for seeking these secret commissions stemmed from a perceived disparity in compensation. Swampillai explained that other bank officers involved in 1MDB transactions received bonuses calculated as a percentage of revenue. He and his colleague felt they were entitled to more than the bonuses they would have received under the bank's standard calculations, leading them to pursue alternative avenues for increased remuneration.
Bank's Initial Refusal of Increased Compensation

Prior to seeking secret commissions, Swampillai and his colleague had approached BSI Bank to request an increase in their salary and bonus. This request was explicitly declined by the bank. This refusal by BSI Bank was a key factor that led them to independently pursue and negotiate the secret commissions with the fund managers.

Reading history

Hide →

This history is cleared when the page is closed.

How did Swampillai and his colleague obtain secret commissions?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends