The country of Singapore regulators said Friday they will fine two banks a total of over $5.3 million for having breached money laundering rules in dealings with an indebted Malaysian state fund.
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Swiss government is currently undergoing investigations to probe fund of the 1MDB
The Singapore's authority announced that it has seized a large number of bank accounts in a probe into alleged misappropriations related to 1MDB. Details regarding the bank accounts will be shared with investigators from Switzerland, United States and Malaysia.
Najib Razak has been cleared of corruption case of over $681 million as the money is a 'gift' from Saudi royal family. According to the Attorney General Apandi Ali, the sum in prime minister’s personal bank account has no link to troubled state fund 1MDB.
Malaysia's indebted and controversy-ridden state investor 1MDB will be left as a skeletal structure and possibly dissolved under a debt repayment plan in which most of its assets will be sold, sources with direct knowledge of the matter said.
1Malaysia Development Bhd acquired a local power plant for US$380 million.
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