Wednesday, May 27, 2015

Tharman & Singapore's MAS need to explain why the BSI/1 MDB investigation has been handed over to Zeti

The facts are these.

A)Bank Negara has admitted receiving a report from the Monetary Authority Singapore  with regards 1 MDB's account at BSI Bank SIngapore, and admitted that it is a matter for Malaysia's enforcement agencies.

B) BN's admission follows a Sarawak Report story abut the laundering of some USD 860 million via the accounts of BSI Bank's branch in Singapore.Part of the story reads:

The BSI records then detail a series of huge money transfers from Good Star Limited’s account in Zurich (which had directly received $700 million plus $160 million from 1MDB) into this new ADKMIC account over the following two years.
According to the figures, which the bank has submitted to the Singapore authorities, 7 separate payments were made from the Good Star Limited account at RBS Coutts Bank, Zurich into Jho Low’s beneficially owned Abu Dhabi-Kuwait-Malaysia Investment Corporation Account No 6C02395 between 28th June 2011 and 4th September 2013. These payments  totalled USD$528,956.027.05.
The money trail from Good Star led to Jho Low's account at BSI Singapore.
The money trail from Good Star led to Jho Low’s account at BSI Singapore.
The BSI Bank Singapore record shows that the account was then closed by Jho Low on 18th February 2014, just a fortnight after the final payment from Good Star Limited.

The Sarawak Report story ha not been denied by anyone so left standing is the allegation that some USD 860 million has been laundered via BSI and then spirited away to destinations unknown .That the MAS is not investigating the issue is puzzling, to say the least.

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