Najib: RM4bil of 1MDB Cayman Islands funds parked in Singapore

KUALA LUMPUR: About RM4bil of 1Malaysia Development Bhd (1MDB)'s investment funds in the Cayman Islands was transferred to a Singaporean Bank to ease the facilitation of transactions, said Datuk Seri Najib Tun Razak.

"The remaining US$1.103bil (RM4.08bil) of 1MDB's investment funds managed by the Cayman Monetory Autority has been redeemed in cash and is kept in US currency by the BSI Bank Limited Singapore (BSI Singapore)," said the Finance Minister in a written reply to a question raised by Tony Pua (PKR-Petaling Jaya Utara) in the Dewan Rakyat Wednesday.

"The decision to use a bank in Singapore is to ease the facilitation of fund withdrawals as Bank Negara Malaysia (BNM) regulations state its approval is needed for every transaction exceeding RM50mil," replied Najib, who is also Prime Minister.