1MDB says unaware of bank accounts seized by Singapore authorities


  • Nation
  • Tuesday, 02 Feb 2016

PETALING JAYA: 1Malaysia Development Berhad (1MBD) said it has no knowledge of bank accounts seized by Singapore authorities in connection with possible money-laundering offences.

In a statement late Monday, the state investment arm said it has yet to be contacted by any foreign legal authorities on any matters relating to the company.

"As we have previously stated, 1MDB has not been contacted by any foreign legal authorities on any matters relating to the company.

"1MDB remains committed to fully cooperating with any lawful authority and investigation, subject to advice from the relevant domestic lawful authorities, and in accordance with international protocols governing such matters," it said.

The Monetary Authority of Singapore and the Commercial Affairs Department said it seized a large number of bank accounts in connection with possible money-laundering offences related to investigations into alleged financial mismanagement at 1MDB.

They said Singapore was cooperating with authorities in Malaysia, Switzerland and the United States on the investigations into 1MDB.

The statement came after Switzerland's chief prosecutor said last week a criminal investigation into 1MDB had revealed that about $4 billion appeared to have been misappropriated.

“Singapore does not tolerate the use of its financial system as a refuge or conduit for illicit funds. Since the middle of last year, the Commercial Affairs Department and the Monetary Authority of Singapore have been actively investigating possible money-laundering and other offences carried out in Singapore.

"In connection with these investigations, we have sought and are continuing to seek information from several financial institutions, are interviewing various individuals, and have seized a large number of bank accounts," the two agencies said.

Switzerland's chief prosecutor Attorney General Michael Lauber  said last week that he has formally asked Malaysia for help with his probe into possible violations of Swiss law by 1MDB, saying suspected misappropriations amounted to about US$4bil.

Lauber said the request pertained to possible violations of Swiss laws related to bribery of foreign officials, misconduct in public office, money laundering and criminal mismanagement at 1MDB.

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