Singapore Extends Helping Hand to Malaysia Over 1MDB Scandal

Now that the 1MDB audit report has been declassified, many revelations have surfaced. The 1MDB scandal involves many other countries, and they are now coming together to help us solve it!

In fact, the Singapore authorities are now fully ready to extend further assistance to Malaysia on transactions related to the scandal-plagued state fund 1Malaysia Development Berhad (1MDB).

According to the New Straits Times, the statement was made on Wednesday (May 16) by the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS).

“The Singapore authorities have cooperated extensively with their Malaysian counterparts on their past requests for information in relation to 1MDB-related transactions, and are fully prepared to extend further assistance,” they said in the joint statement, issues in response to inquiries from the media.

“Singapore has also taken swift action against financial institutions and individuals who have broken laws within our jurisdiction in connection with 1MDB-related fund flows.”

At a press conference yesterday, Prime Minister Tun Dr Mahathir Mohamad said he would contact the several countries involved, including Switzerland, Singapore, the United States and perhaps Luxembourg, in order to recover the funds from 1MDB. The amount is estimated to be about US$4.5 billion (approx. RM17.8 billion) that was allegedly misappropriated under former prime minister Najib Razak. Wow!

“No one confessed that it was Malaysian money, so no claim was made,” Tun Dr Mahathir told reporters.

“The amount is quite big and will help us settle some debts.”

Just recently, the 1MDB audit report was declassified and made free for public viewing. It was found that senior 1MDB officials had withheld information from its board and made some decisions without the board’s approval, The Star reported.

Dr Mahathir also said earlier on Tuesday (May 15) that a strong case is being built against Najib by prosecutors and expects to charge Najib soon over graft claims at 1MDB.

The US Department of Justice has filed civil lawsuits alleging that from the US$4.5 billion (approx. RM17.8 billion) that was misappropriated from 1MDB, about US$700 million (RM2.6 billion) had gone into Mr Najib’s personal bank account. What’s new?

The lawsuits seek to seize about US$1.7 billion (approx. RM6.7 billion) in assets, including a luxury yacht and paintings, that were bought with 1MDB funds.

MAS has fined eight banks a total of $29.1 million (approx. RM115.4 million), while Swiss private banks BSI and Falcon were shut down in Singapore and several persons jailed after an extensive two-year probe into 1MDB fund flows.

Ahhhhh so much money is involved! Let’s just hope Dr Mahathir will be able to make wise decisions to recover the money that was lost, and hopefully restore our country’s wealth.

 

Also read: Swiss Authorities Want to Talk to Malaysia About Reopened 1MDB Scandal ASAP