The Wall Street Journal (WSJ) reported last week that investigators looking into debt-laden state-owned fund 1MDB had traced nearly US$700 million of money that came through a private bank account in Singapore into accounts in Malaysia they believed belonged to Prime Minister Najib Razak. Singapore’s central bank is in contact with banks in relation to Malaysia’s 1MDB-Najib probe.
1MDB, a property-to-energy group whose advisory board is chaired by Mr Najib, is facing criticism over its debt of nearly 42 billion ringgit and alleged financial mismanagement. Najib has denied taking any money from 1MDB or any other entity for personal gain and is considering legal action. On Tuesday a task force investigating Malaysia’s troubled state investment fund 1MDB said it had frozen half a dozen bank accounts following the WSJ’s report.
The Monetary Authority of Singapore (MAS) said on Wednesday (Jul 8) that it will provide assistance to Malaysia and share information where it is legally able to. Earlier this year MAS said it was in touch with Malaysian regulators after Malaysia’s government said 1MDB had redeemed US$1.1 billion from the Cayman Islands and parked it in the Singapore unit of Swiss private bank BSI……..
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Photo: AFP/Manan Vatsyayana