08
May
15

No cash in 1MDB’s Singapore account

KUALA LUMPUR: BSI Singapore, according to evidence which The Sarawak Report has gathered, has dismissed documents supplied by 1Malaysia Development Berhad (1MDB), wholly owned by the Ministry of Finance, as “false statements” since they did not originate from them.

“The Sarawak Report therefore calls upon the Singapore authorities to thoroughly investigate the role of BSI in relation to 1MDB and its dealings with Penangite Jho Low of Good Star.”

The Swiss private bank has since alerted the Singapore authorities that the documents did not originate from them and “does not represent a true account of the assets of the 1MDB subsidiary”.

“This information was reported back to Malaysia on March 13.”

The statements apparently relate to 1MDB’s Brazen Sky Limited account in Singapore. The documents, alleged the whistleblower website run by Sarawak-born Editor Clare Rewcastle-Brown, were supplied by 1MDB CEO Arul Kanda to various authorities. “The documents purport to show Brazen Sky’s statement of account in November last year.”

1MDB, touted as a strategic investment arm, comes under the oversight of Prime Minister Najib Abdul Razak who also doubles as Finance Minister. 1MDB has chalked up debts of RM42 billion within five years.

Najib told Parliament on March 11, in reply to questions from Petaling Jaya Utara MP Tony Pua, that “the remaining USD1.103 billion had already been redeemed from Brazen Sky’s offshore fund in the Cayman Islands and was now being ‘kept in US currency’ at BSI Bank Limited, Singapore”.

The Sarawak Report, citing insiders, said that there is no actual cash in 1MDB’s Brazen Sky Limited account but only “paper assets, the true value of which cannot be determined”.

…more
No cash in 1MDB’s Singapore account
April 22, 2015 – FMT

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