A Singapore academic asks Singapore Govt the question Guan Eng seems too afraid to ask: What's happened to the USD 620 Million Najib "returned", and why have the seized assets not been returned to Malaysia?

by Ganesh Sahathevan



Guan Eng: Asset recovery on 1MDB much slower than 
expected



A Singapore academic has asked the Monetary Authority Of Singapore (MAS) the simple question that Malaysia's Minister For Finance Lim Guan Eng and others seem too afraid to ask.The academic, Professor Sattar Bawany ,has asked of the MAS, via a letter published in the Straits Times on 23 March 2019:

............ it is a matter of public interest for the central bank to clarify that out of the US$620 million that was returned, how much money belonging to 1MDB is currently being held by MAS or the proper authorities in Singapore.

Has the money been disbursed or transferred out to third parties?

Finally, why were the fraudulently obtained funds from 1MDB not returned to the Malaysian government or the US DOJ, which has instituted legal proceedings to recover these funds?


Lim, PwC which he appointed to recover 1MDB assets, Rajah & Tann, appointed by the AG Malaysia to recover assets in Singapore, and others involved in the 1MDB asset recovery seem unable to put that simple question to the Singaporeans, and even if they have, seem unable to recover what are easily recoverable funds.

END

See also
Chartered accountant & banker Lim Guan Eng said 1MDB asset recovery slower than expected;and little will be recovered:Here are some of the reasons he should have stated to explain why

Questions for MAS on 1MDB

Questions for MAS on 1MDB

PUBLISHEDMAR 23, 2019, 5:00 AM SGT
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I am delighted to note that as a result of the Monetary Authority of Singapore's (MAS)  thorough

 investigations into Malaysian state fund 1Malaysia Development Berhad (1MDB),                                                                                                                                                                 "two Swiss private banks were shuttered and several other banks were fined a total of $30 million 

for failing to meet anti-money laundering standards"

(Singapore's 1MDB probe not due to political influence, March 21).

The US Department of Justice (DOJ) filings detail how the money laundering was facilitated by a 

number of things, such as international banks not being vigilant enough, jurisdictions that allowed 

companies to operate without  transparency and shell companies that were set up in areas with lax 

regulation, among others.

It has been ascertained by the DOJ that US$835 million (S$1.13 billion) in proceeds was diverted to a local 

bank account held in the name of Tanore Finance Corporation at Falcon Bank in Singapore and another 

US$430 million was sent to the Falcon Bank account of Granton Property Holdings in Singapore.


In March 2013, US$681 million from the Tanore account in Singapore was transferred and deposited 

in former Malaysian prime minister Najib Razak's personal private banking account with AmBank 

Malaysia.

Najib has publicly acknowledged the receipt of these funds and, in August 2013, returned the amount 

of US$620 million via the same bank account that he received the funds from in Singapore.

In view of the above facts, I am seeking clarification from MAS as to whether our central bank was 

alerted  through its own internal monitoring system or processes to a large number of funds being 

transferred from the Singapore bank to the Malaysian bank account.

If so, why was the transfer to an overseas bank account belonging to a "politically exposed person" 

such as the then Prime Minister of Malaysia not prevented or examined closely?

Furthermore, it is a matter of public interest for the central bank to clarify that out of the US$620 million 

that was returned, how much money belonging to 1MDB is currently being held by MAS or the proper 

authorities in Singapore.

Has the money been disbursed or transferred out to third parties?

Finally, why were the fraudulently obtained funds from 1MDB not returned to the Malaysian 

government or the US DOJ, which has instituted legal proceedings to recover these funds?

I hope that MAS will be able to enlighten us.

Sattar Bawany (Professor)