The Singapore State Court today convicted a fifth person over offences linked to 1MDB.

According to Bloomberg, former broker Kelvin Ang Wee Keng was fined S$9,000 for bribing an analyst in Singapore to expedite a favourable valuation report.

Prosecutors claimed Ang, a former employee of Kim Eng Securities Pte, had corruptly given the research analysts S$3,000 to speed up the US$2.4 billion valuation of PetroSaudi Oil Services Ltd.

1MDB had in 2009, entered into a joint-venture with PetroSaudi Limited and the relationship continued until 2011.

The report said Ang made around S$235,000 in referral fees in his dealings with the PetroSaudi assets.

Apart from Ang, three other BSI bankers, as well as a branch manager of Falcon Private Bank have been convicted for offences linked to the 1MDB scandal.

Singapore had also revoked the licences of both banks.