KUALA LUMPUR, Oct 24 ― Some RM940 million worth of unit trusts owned by 1Malaysia Development Berhad (1MDB) subsidiary Brazen Sky Limited has been placed in the custody of another international bank after Singapore’s BSI Bank shuttered, the Finance Ministry said today.
In a written parliamentary answer to Petaling Jaya Utara MP Tony Pua, the ministry said that a fund manager is in charge of the monies previously parked in Singapore BSI.
“An international licensed bank has been given the mandate to act as a custodian bank, to take over from BSI,” it said.
However, it did not disclose the name of the new bank.
The DAP lawmaker had asked the government to state the name of the bank that had gained custody of the funds after BSI closed.
However, the Ministry also said that the unit trusts are being handled by a fund manager appointed by Brazen Sky and not the bank itself.
In May, the Monetary Authority of Singapore (MAS) had ordered the shutdown of BSI in Singapore for “serious breaches” of anti money laundering requirements and “gross misconduct” by the bank’s staff.
