Illustrative photo (Source:bloomberg.com) Singapore (VNA) – Singapore has seized 240 million SGD (176.82 million USD) in assets in an investigation into fund flows related to a Malaysian state investment company for possible money laundering, securities fraud, cheating and other offences committed in Singapore.
According to a joint statement posted by the Monetary Authority, the Attorney-General’s Chambers, and the Commercial Affairs Department, Singaporean authorities have been investigating the funds of 1Malaysia Development Bhd., known as 1MDB, since March 2015.
The fund flows being investigated include those connected with Good Star Limited (Seychelles), Aabar Investments PJS Limited (BVI), Aabar Investments PJS Limited (Seychelles), and Tanore Finance Corp. (BVI).
The criminal investigations by the Commercial Affairs Department are targeted at individuals suspected of committing offences in Singapore related to these flows, while the Monetary Authority has been examining the financial institutions through which the funds flowed for possible regulatory breaches and control lapses.
The joint statement came the day after US prosecutors filed civil lawsuits to seize more than 1 billion USD in assets they said were tied to money stolen from 1MDB.
Of the asset seizure, about half belonged to Malaysian financier Low Taek Jho and his family, according to the statement.
1MDB, which was founded by Malaysian Prime Minister Najib Razak in 2009 shortly after he came to office, is being investigated for money-laundering in several countries.-VNA
