Tuesday, May 26, 2015

BSI Bank in Singapore lodged complaint against 1MDB, says Bank Negara

Published: 26 May 2015 12:39 PM
Bank Negara governor Tan Sri Zeti Akhtar Aziz says today the central bank will not release information on state investment firm 1MDB. – The Malaysian Insider file pic, May 26, 2015.

Bank Negara governor Tan Sri Zeti Akhtar Aziz says today the central bank will not release information on state investment firm 1MDB. – The Malaysian Insider file pic, May 26, 2015.
Bank Negara has received information from the Monetary Authority of Singapore (MAS) about an account connected to 1Malaysia Development Bhd (1MDB) in BSI Bank Ltd in the republic, Bank Negara governor Tan Sri Zeti Akhtar Aziz said today.
In a Bernama report, Zeti said Bank Negara had received a complaint from the Swiss-based BSI Bank on an account linked to the debt-ridden strategic investment firm.
She said a report from MAS would be shared with other Malaysian agencies, but declined to name them for confidentiality.
"The international community would not cooperate with us (in the future) if we release the information that was extended to us," she was quoted as saying by Malaysiakini.
She said revealing the information would "stop all investigations if we talk about it".
Zeti also cited confidentiality requirements when asked about claims that 1MDB's account at BSI Bank did not contain cash redeemed from its Cayman Islands investment.
Whistle-blower website Sarawak Report had claimed in April that 1MDB issued false bank statements pertaining to its subsidiary, Brazen Sky Ltd's accounts in BSI Bank in Singapore.
Citing information it had received, the website said the bank had told MAS the document did not originate from them.
Prime Minister Datuk Seri Najib Razak has also been accused by Tun Dr Mahathir Mohamad of "lying" about the redeemed investment, which he said was in cash form totalling US$1.103 billion (RM4.08 billion) in March.
Najib, who is also finance minister and chairman of 1MDB's advisory board, had said this in a written parliamentary reply to DAP lawmaker Tony Pua.
Similarly, 1MDB president Arul Kanda Kandasamay in February had also vouched that the cash was in the firm's account in BSI Bank when giving an interview with Singapore's Business Times.
But Najib last week, in another parliamentary written reply to "amend" his earlier answer, said the investment redeemed by 1MDB were assets in US dollars for the purpose of balancing its liabilities which were also in US dollars.
Second Finance Minister Datuk Seri Ahmad Husni Mohamad Hanadzlah subsequently said that only "units" were kept in the BSI Bank account, but could not adequately explain what form of units these were. He only said they were backed by sovereign wealth funds.
The confusion prompted former prime minister Dr Mahathir to accuse Najib of lying.
The Finance Ministry on May 24 sought to dismiss Dr Mahathir's allegation, with a statement to say that Najib's parliamentary reply had been prepared by ministry officials, and had been checked against information given by 1MDB. – May 26, 2015.
- See more at: http://www.themalaysianinsider.com/malaysia/article/bsi-bank-in-singapore-lodged-complaint-against-1mdb-says-bank-negara#sthash.n1lUQiP7.dpuf

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Vicki Reid said...
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