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Singaporean authority contacts banks on Malaysian PM's probe

Xinhua, July 8, 2015 Adjust font size:

Monetary Authority of Singapore ( MAS) said on Wednesday it is in contact with financial institutions in relation to Malaysia's probe into allegations that hundreds of millions of dollars had been transferred to accounts of Prime Minister Najib Razak.

MAS has been in close contact with the relevant financial institutions in an email, a MAS spokeswoman was quoted by Channel NewsAsia on Wednesday.

Although MAS didn't mention any banks, it suggested its enquiries have expanded beyond the previous assistance it has provided for Malaysia's probe into 1MDB.

With its advisory board chaired by Malaysian Prime Minister Najib Razak, 1MDB is facing criticism over its debt of nearly 42 billion ringgit and alleged financial mismanagement.

Wall Street Journal reported last week that investigators looking into debt-laden state-owned fund 1MDB had traced nearly 700 million U.S. dollars that came through a private bank account in Singapore into accounts in Malaysia, which they believed belonged to Najib.

Najib has denied taking any money from 1MDB or any other entity for personal gain and is considering legal action.

MAS said earlier this year that it was in touch with Malaysian regulators after Malaysian government said 1MDB had redeemed 1.1 billion U.S. dollars from the Cayman Islands and parked it in the Singapore unit of Swiss private bank BSI.

As the investigations are still on-going, MAS said it is unable to provide more details. Endi