Singapore's central bank in touch with Malaysia on 1MDB probe


  • Nation
  • Tuesday, 24 Mar 2015

KUALA LUMPUR: Singapore's central bank said on Tuesday it was in touch with Malaysia's regulators over its investigation into state fund 1MDB.

"We are committed to assist within the full ambit of our laws," said the Monetary Authority of Singapore in a statement to Reuters, adding it could not provide more details as investigations in Malaysia were ongoing.

The body was responding to questions about whether it had been approached by Malaysia to help with investigations into 1MDB.

1MDB redeemed US$1.1bil (RM4bil) from the Cayman Islands and subsequently parked it into BSI Bank Limited Singapore, a local unit of Swiss asset manager BSI.

The company, a property-to-energy group whose advisory board is chaired by Malaysian Prime Minister Datuk Seri Najib Tun Razak, is facing criticism over its huge debt and alleged financial mismanagement.

Najib this month ordered an audit of 1MDB's accounts by the country's Auditor-General.

1MDB has just completed a strategic review of its operations and said it planned to sell assets and development rights in prime property projects in a move to cut debt. It is also planning an initial public offering for its energy unit. - Reuters