Finance Minister Datuk Seri Najib Razak says 1MDB's funds are kept in a Swiss bank branch in Singapore to facilitate easier withdrawals. – The Malaysian Insider pic, March 11, 2015.
The balance of 1Malaysia Development Bhd's (1MDB) US$1.103 billion in the Cayman Islands is now parked at BSI Bank Limited Singapore (BSI Singapore), Putrajaya said today, as questions over the whereabouts of the money continue to hog the headlines.
In a written reply to Tony Pua Kiam Wee (DAP-Petaling Jaya Utara), Finance Minister Datuk Seri Najib Razak said the funds had been redeemed and were currently kept in the Swiss bank branch in the island republic in US dollars.
"The decision to use BSI Singapore (is) to facilitate easier withdrawals since regulations set by Bank Negara Malaysia needed its approval for transactions over RM50 million," he said.
- TMI
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