After BSI, mystery bank now custodian of Brazen Sky’s units (re-post)

After BSI, mystery bank now custodian of Brazen Sky’s ‘units’

The Finance Ministry has confirmed that a new bank has taken over BSI Bank’s functions as custodian bank for Brazen Sky Limited – a key component of the 1MDB controversy.

However, the ministry, in a parliamentary written reply, has refused to name the new bank.

“Brazen Sky Limited’s units are managed by a fund manager. The purpose of the fund manager is different from the function of a custodian bank, which among others, acts as an intermediary.

“The Brazen Sky Limited board has confirmed that a licensed international bank has been given the mandate to take over BSI Bank’s role as the custodian bank.

“The board also reports that there are no changes in the status of value of the investment,” said the ministry.

This was in response to a question by Petaling Jaya Utara MP Tony Pua, who asked the Finance Ministry to name the new custodian bank overseeing the Brazen Sky’s “units” which were valued at USD940 million.

In May, the Singapore Monetary Authority (MAS) had forced BSI Bank to shut down its operations in the country over “serious breaches of anti-money laundering requirements, poor management oversight of bank’s operations, and gross misconduct by some of the bank’s staff”.

Although MAS had not mentioned 1MDB for the withdrawal of BSI Bank’s merchant bank licence, some former BSI Bank staff, including Yeo Jiawei, had been charged in court for matters relating to his dealings with 1MDB.

The episode eventually led to the resignation of BSI Group’s CEO Stefano Coduri and other investigations in Zurich.

The “units” held by Brazen Sky Limited is of significance to the 1MDB saga because “units” supposedly represent money redeemed from 1MDB’s prematurely terminated joint venture with PetroSaudi International.

The JV project was signed in September 2009, but the deal was called off in just six months. 1MDB monies were then diverted to a Cayman Islands-registered fund before being transferred to Brazen Sky Limited in the form of “units”.

After BSI, mystery bank now custodian of Brazen Sky’s ‘units’
24 Oct 2016 – malaysiakini


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