1MDB moved $1.5 billion from Cayman Islands to Singapore

1MDB moved $1.5 billion from Cayman Islands to Singapore

KUALA LUMPUR - A sum of US$1.103bil (S$1.5 billion) that was previously parked in the Cayman Islands by 1Malaysia Development Bhd (1MDB) has been transferred to Singapore, said Finance Minister Datuk Seri Najib Tun Razak.

"The remaining US$1.103bil in 1MDB's investment funds managed by Cayman (Islands) Monetary Authority has been redeemed and is kept in US currency at BSI Bank Ltd Singapore (BSI Singapore)," he said in a written reply to the Dewan Rakyat in response to a question raised by Petaling Jaya North MP Tony Pua.

"The decision to use a bank in Singapore is to facilitate transactions as Bank Negara Malaysia (BNM) regulations require approval by the bank for each transaction exceeding RM50mil (S$18.7 million)," wrote Najib, who is also the Prime Minister.

BSI Singapore is a wholly owned subsidiary of BSI AG of Switzerland.

Meanwhile, MIC has declared its support for Najib in the face of calls for an audit into 1MDB, with party president Datuk Seri G. Palanivel saying that an audit and high-level police probe was the right way forward.

"MIC endorses these investigations in view of the slanderous allegations being made against the Prime Minister by the foreign media, including social media and bloggers.

"MIC views these concerted, devious campaign by certain quarters seriously as it undermines the leadership of the Prime Minister," said Palanivel.

Last week, 1MDB and its auditors Deloitte were called to brief the Cabinet on the state of the company and to respond to questions, including from Najib and his deputy Tan Sri Muhyiddin Yassin.

Najib then ordered the Auditor-General to independently verify 1MDB's accounts, and said the company would face legal repercussions if there was any wrongdoing.

On Tuesday, Auditor-General Tan Sri Ambrin Buang said his department began investigations on 1MDB as soon as Najib ordered the audit.

1MDB, established by the Govern­ment in 2009 to drive strategic investments, has come under heavy criticism for accumulating debts.

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