Singapore seizes bank accounts as part of 1MDB probe

Photo: Reuters

Singapore said on Monday it has seized a large number of bank accounts in connection with possible money-laundering offences related to investigations into alleged financial mismanagement at Malaysian state investor 1Malaysia Development Berhad (1MDB).

Singapore is cooperating with authorities in Malaysia, Switzerland and the United States on the investigations into 1MDB, the Monetary Authority of Singapore and the Commercial Affairs Department, the city-state’s white collar police, said in a statement.

“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 in the statement.

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 from Malaysian state companies.

1MDB, whose advisory board is chaired by Malaysian Prime Minister Najib Razak, has been investigated by Malaysian authorities following accusations of financial mismanagement and graft. 1MDB has denied these allegations.

Malaysian Attorney-General Mohamed Apandi Ali last week cleared Najib of any criminal offences or corruption in connection with the case and said he was closing the investigations into it.

Najib was buffeted last year by allegations of graft and mismanagement at the debt-laden state fund and by a revelation that about $681 million was deposited into his personal bank account.

Najib denied any wrongdoing.

Apandi said the $681 million transfer to Najib’s account was a gift from Saudi Arabia’s royal family, and said no further action needed to be taken on the matter.

Also Read:

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Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.