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Wednesday, 16 May 2018 | MYT 11:48 AM

Singapore ready to extend further help to Malaysia on 1MDB probe

SINGAPORE: Singapore authorities are fully prepared to extend further assistance to their Malaysian counterparts on 1MDB-related transactions, the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS) said in a statement on Wednesday morning.

"The Singapore authorities have cooperated extensively with their Malaysian counterparts on their past requests for information in relation to 1MDB-related transactions, and are fully prepared to extend further assistance. Singapore has also taken swift action against financial institutions and individuals who have broken laws within our jurisdiction in connection with 1MDB-related fund flows," they said in the joint statement, in response to media queries.

This comes after Malaysian Prime Minister Tun Dr Mahathir Mohamad said this week that he expects prosecutors will soon have a strong case to charge former prime minister Datuk Seri Najib Razak over graft claims at state fund 1MDB. A previous government audit report on thwe fund was declassified on Tuesday.

Some US$4.5 billion has allegedly been misappropriated from 1MDB, with reports that about US$700 million had gone to Najib's personal bank accounts. Meanwhile, the alleged mastermind Low Taek Jho, or Jho Low as he is known, is believed to be at large in either China or Thailand, a Straits Times report said.

MAS has fined eight banks a total of $29.1 million while Swiss private banks BSI and Falcon were shut down in Singapore and several persons jailed after a two-year extensive probe into 1MDB fund flows. - Straits Times, Singapore