Singapore investigates 1MDB Related fund flows
[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]A[/dropcap]ssets worth 176 million U.S. dollars were seized as Singapore investigates into various fund flows related to Malaysian state fund 1Malaysia Development Bhd (1MDB), according to a statement from authorities Thursday.
The statement was jointly issued by the country’s Attorney-General’s Chambers (AGC), the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS).
The Singapore authorities have been investigating various 1MDB- related fund flows through Singapore, for possible money laundering, securities fraud, cheating, and other offences committed in Singapore since March last year and are still in progress, according to the statement.
“The fund flows being investigated include those connected with Good Star Limited, Aabar Investments PJS Limited, Aabar Investments PJS Limited, and Tanore Finance Corp. The criminal investigations by CAD are targeted at individuals suspected of committing offences in Singapore related to these flows, while MAS has been examining the financial institutions through which the funds flowed for possible regulatory breaches and control lapses,” according to the statement.
In the course of the investigations, bank accounts belonging to various individuals have been seized and dealings in properties belonging to some of these individuals have been curtailed. The assets amount in total to 240 million Singapore dollars (176 million U.S. dollars), of which, about half belong to Low Taek Jho and his immediate family.
The Malaysian businessman is said to have close family ties with Prime Minister Najib Razak.
“[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]A[/dropcap]ppropriate actions will be brought against those who have broken Singapore’s laws. To date, two individuals – Mr Yeo Jiawei and Mr Kelvin Ang – have been charged for various offences. Several other individuals are still being questioned or investigated,” said the authorities.
Yeo is a former wealth manager of BSI Bank, while Ang was charged with corruptly giving a gratification between 2013 and 2014 to a research analyst to expedite preparation of a favorable valuation report to be issued by his firm.
(This story has not been edited by PGurus.com and is auto–generated from a syndicated feed we subscribe to.)
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