KUALA LUMPUR, May 25 — Putrajaya should announce steps to recover US$940 million (RM3.8 billion) 1Malaysia Development Bhd (1MDB) deposited in a merchant bank being closed down in Singapore, DAP MP Tony Pua said today.
In a press conference at the Parliament lobby, Pua noted 1MDB president Arul Kanda Kandasamy told the Public Accounts Committee as recently as January that the sum held in “units” remained in BSI Bank in Singapore.
“We call upon 1MDB and the minister of finance, Datuk Seri Najib Razak, to explain steps which will be taken to withdraw the assets from BSI and which bank they will move these assets to,” he said.
The Monetary Authority of Singapore yesterday informed BSI Bank it was losing its merchant banking status due to repeated violations of money-laundering regulations and other misconduct.
Pua said 1MDB should liquidate and repatriate the entire sum to fund its local projects in Bandar Malaysia and Tun Razak Exchange.
“1MDB has adamantly refused to provide bank statements and supporting documents in relation to the (amount) to justify its existence and worth,” he said.
The sum was part of US$2.3 billion that 1MDB deposited in the Cayman Islands after an abortive joint venture with PetroSaudi International.
