‘YOU WANT BACK YOUR 1MDB MONEY? GO TO OUR COURTS TO ESTABLISH OWNERSHIP FIRST’: IS SINGAPORE PLAYING NASTY WITH MAHATHIR?

SINGAPORE – Singapore will continue to assist the Malaysian government in its own investigations into the 1Malaysia Development Berhad (1MDB) scandal.

The republic has also informed the Malaysian government that it can avail itself of due legal processes through its courts to establish ownership and recover any assets seized in Singapore that can be traced to 1MDB.

Minister for Foreign Affairs Vivian Balakrishnan told Parliament this on Monday when he provided the House with details on Singapore’s assistance towards the Malaysian government on the 1MDB investigations.

Not only has Singapore conducted its own investigations, Balakrishnan noted that the republic has taken action on individuals linked to the scandal which is not based on political calculations but for its own “national interest”.

“We do not tolerate the misuse of our financial system either as a refuge or conduit for illicit funds,” says Balakrishnan who emphasised the importance of reaffirming and protecting Singapore’s image as a clean, transparent and trusted international financial centre.

“Since the change of government in Malaysia, over the past couple of months, Singaporean and Malaysian agencies have met on several occasions on 1MDB matters,” adds Balakrishnan.

“In fact, the Malaysian authorities have expressed their appreciation to Singapore for our cooperation.”

Money misappropriated from 1MDB accounts have caused two banks – BSI Bank and Falcon Bank – to shut down, while several other banks in Singapore were hit with a fine.

Several other individuals involved have also been jailed and fined.

“So far, we are the only jurisdiction in the world to have done so,” says Balakrishnan.

– https://www.theedgesingapore.com