by Ganesh Sahathevan
Malaysia's government on Wednesday enacted a new emergency law allowing it to use funds derived from oil and gas contributions to pay for vaccine procurement, as it looks to ramp up its COVID-19 vaccination programme.
The ordinance will allow the government access to use the 17.4 billion ringgit ($4.23 billion) parked under the national trust fund to secure vaccines "for an epidemic of any infection disease", according to the law published in the federal gazette.
Meanwhile, despite the desperation Prime Minister Muhyiddin Yassin seems to be in no hurry to recover some USD 620 Million (plus interest) of 1MDB money that appears to be still held by Singapore's MAS. That money seems to have been ignored by former Finance Minister Lim Guan Eng (see story below) and now PM Muhyiddin.
TO BE READ WITh
Sunday, March 24, 2019
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
PUBLISHEDMAR 23, 2019, 5:00 AM SGT
FACEBOOKWHATSAPPTWITTER
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.
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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)
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
PUBLISHEDMAR 23, 2019, 5:00 AM SGT
FACEBOOKWHATSAPPTWITTER
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.
Luminary is an award-winning digital agency
We’re a digital agency that’s been around since 1999. Experience is our point of difference, both in terms of the experience we hold, and the experiences we create. We bring together the brightest minds in digital to craft experiences that are intuitive, engaging, impactful and enlightening.
Sponsored by Luminary
See More
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)
