Singapore will continue to work closely with Malaysia on 1MDB investigations: MAS chief

Singapore will continue to work closely with Malaysia on 1MDB investigations: MAS chief

SINGAPORE: Investigations on the scandal-plagued state fund 1Malaysia Development Berhad (1MDB) are ongoing in Singapore and local authorities will continue to work closely with their Malaysian counterparts, said the managing director of the Monetary Authority of Singapore (MAS) Ravi Menon.

He was responding to questions from reporters at a media briefing on the release of the central bank’s annual report on Wednesday (Jul 4).

“We are still looking at individuals and there are others we are looking forward to interview,” Mr Menon said, though he declined to reveal specifics on how investigations in Singapore are ongoing.

While supervisory reviews of the banks have concluded, the MAS will be open to a re-look if new evidence surface. “But so far, that hasn’t been the case,” he said.

Mr Menon added: “We’re looking very closely at new information that’s emerging from Malaysia and other places to see if any action on our part is warranted. But the investigations into individuals continue."

Thus far, Singapore’s central bank has taken a range of measures, including action against financial institutions and individuals who have broken laws within the country's jurisdiction in connection with 1MDB-related fund flows.

Singapore has also jailed and banned several bankers for several 1MDB-linked convictions.


Local authorities have also responded to every request for information from Malaysia and other international authorities, while providing relevant information proactively to Malaysian officials, said Mr Menon. 

As Malaysia stepped up investigations following its recent general elections, MAS has been in “close contact” and have met the 1MDB task force twice so far.

“There (have) been very good exchange of information, very fruitful meetings and we will continue to cooperate with them,” he said. 

Earlier on Wednesday, former Malaysian prime minister Najib Razak was charged in court in a probe linked to how billions of dollars went missing from 1MDB, which he founded.

The 64-year-old was charged with three counts of criminal breach of trust and one count of using his position for gratification.

Najib, who lost power in an election last month, has consistently denied any wrongdoing in relation to 1MDB and its former unit, SRC International.

Source: CNA/hm