Published by Malaysiakini on 25 May 2016.
Swiss Financial Market Supervisory Authority (Finma), which identified serious lapses by BSI Bank in its dealing with accounts linked to 1MDB, announced the confiscation of almost RM400 million in profits generated by the bank. "The serious breaches of supervisory law linked to the client relationships the bank maintained over the period under investigation enabled it to charge high fees."
As part of the Swiss investigation into 1MDB, it found funds being transferred across a client group which controlled over 100 accounts at BSI Bank. The transfer was facilitated by BSI Bank without proper due diligence even in instances where there were clear indications of money laundering.
Read more here: https://www.malaysiakini.com/news/342869
Malaysia’s Probe Into 1MDB Fund Was Flawed
By Tom Wright & Bradley Hope. Published by Wall Street Journal on 26 May 2016.
Investigations ordered by Malaysia’s leader into graft allegations at a state-development fund have been undermined by political pressure and a lack of transparency, according to documents and interviews with people involved.
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Speaker rejects motion to make A-G report on 1MDB public
By Ram Anand. Published by Yahoo! News on 26 May 2016.
Dewan Rakyat Speaker Tan Sri Pandikar Amin Mulia today rejected a motion by Opposition Leader Datuk Seri Dr Wan Azizah Wan Ismail to publicly reveal the Auditor-General’s (A-G) report on 1Malaysia Development Berhad (1MDB).
Pandikar said Dr Wan Azizah’s motion cannot be decided in the second parliamentary chamber pursuant to Standing Order 18(1), but instead needs a decision from the House.
The second chamber, which was set up recently to debate and discuss emergency motions, was part of the string of reforms to the Parliament institution.
"I regret the rejection of my motion as it involves public interest," Dr Wan Azizah said in response to the decision during a press conference at the Parliament lobby.
"Until today, the 1MDB scandal has not been answered properly either through PAC, or official government answers," she added.
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Malaysia’s central bank closes its investigation after 1MDB pays fine
Published by Today Online on 26 May 2016.
Malaysia’s central bank, Bank Negara Malaysia (BNM), announced on Thursday (May 26) that it has closed its investigations into the troubled 1Malaysia Development Berhad (1MDB) after the state investment firm paid a fine imposed by BNM for non-compliance with local financial regulations.
“As far as we are concerned, 1MDB has paid their compound and with that, that is the conclusion of our investigation within Bank Negara Malaysia’s rules and regulations and the law that we administer,” newly-appointed BNM governor Muhammad Ibrahim told the Malaysian media on the sidelines of the 20th Malaysian Banking Summit.
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CIMB Clears Chairman of Wrongdoing Over Malaysia Political Funds
By Shamim Adam. Published by Bloomberg on 18 May 2016.
CIMB Group Holdings Bhd. cleared Chairman Nazir Razak of misusing his position or the bank’s resources when he helped his brother -- Malaysia’s prime minister -- distribute funds to politicians before elections three years ago.
Nazir will resume his post at CIMB Group and as a director of CIMB Bank from Thursday after taking a monthlong leave of absence, according to a stock exchange filing. The boards of the two companies appointed Ernst & Young to conduct an audit into Nazir’s activities and sought independent legal advice, they said.
The Wall Street Journal reported in March that Nazir received about $7 million from his brother Najib Razak’s accounts ahead of elections in 2013, and passed the money to politicians in the ruling party. Nazir told the paper the money that entered his account was distributed in accordance with instructions from party leaders, and he believed it came from donations he helped solicit from Malaysian companies and individuals.
The audit found Nazir "did not misuse his position as the Group Chief Executive at that time nor was there any inappropriate use of the bank’s resources," CIMB said in the statement.
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PAS rep files motion against PAC chief over 1MDB report edits
By Kamles Kumar. Published by Malay Mail Online on 26 May 2016.
PAS MP Datuk Mahfuz Omar has submitted a motion to refer Public Accounts Committee (PAC) chairman Datuk Hasan Arifin to the Rights and Privileges Committee over his removal of two paragraphs from the panel’s 1Malaysia Development Berhad (1MDB) report.
The Pokok Sena MP alleged that Hasan had edited the PAC report without the knowledge of the panel’s members. "I have put in a motion about Hasan because he edited the PAC report on April 7 without the knowledge of other PAC members... This is very unbecoming of a member of Parliament and action should be taken against him," he told reporters outside the Dewan Rakyat today.
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