Category: 1 Malaysia Development Berhad (1MDB)

Australia shuts down investment schemes run by fund linked to 1MDB

The Australian Federal Court has ordered five investment schemes managed by Avestra Asset Management to shut down, The Australian reported today, following the fund’s link to the 1Malaysia Development Berhad (1MDB) controversy. It was reported that the judge made the decision after going through a report from liquidators, who unearthed… – Continue reading

The Offshore Wrapper: a week in tax justice #71

Now that’s what I call a Big Tax Case A long running court case that has become known as the ‘Big Tax Case’ appears to be reaching a conclusion. It involves Scottish football club Rangers, who went bust in 2012. After it failed, a new company was created. It bought… – Continue reading

ZETI HATCHET JOB SPLASHED ONLINE: Jho Low accused of ‘PROXY WAR’ to defend ROSMAH & himself

KUALA LUMPUR – As speculation intensifies that Malaysian Prime Minister Najib Razak is on the verge of sacking central bank governor Zeti Aziz, an expose on her family’s ‘dealings’ has been splashed online. Critics of the Prime Minister claim the article was sponsored by 1MDB figure Jho Low and his… – Continue reading

MAS ‘committed to safeguarding financial system’

1MDB scandal prompts regulator to outline S’pore’s anti-money laundering regime The financial regulator has outlined Singapore’s anti-money laundering regime after an unfolding scandal at 1Malaysia Development Bhd (1MDB) put the private banking industry here in the spotlight. The Monetary Authority of Singapore (MAS) said yesterday in a statement: “Singapore is… – Continue reading

1MDB guilty until proven innocent, Dr M says

KUALA LUMPUR, May 29 — Unless proven innocent, it must be assumed that the management of 1Malaysia Development Berhad (1MDB) had misappropriated the funds invested in Cayman Islands, Tun Dr Mahathir Mohamad said today in his continued tirade against the troubled state investment firm. The former prime minister said although… – Continue reading

Dr M accuses Najib of lying when he said S’pore bank had 1MDB cash

PETALING JAYA, Malaysia – Former premier Tun Dr Mahathir Mohamad has accused Prime Minister Datuk Seri Najib Tun Razak of lying when he told Parliament that money held by government investment arm 1Malaysia Development Berhad (1MDB) is being kept in Singapore. “No money was banked into BSI Bank in Singapore…. – Continue reading

Bank Negara urged to act on 1MDB funds in Cayman Islands

The existence of 1MDB’s RM7 billion in the Cayman Islands and its return to Malaysia must be verified. KUALA LUMPUR: Pandan MP Rafizi Ramli urged Bank Negara Governor Zeti Akhtar Aziz, in a statement on Wednesday, to invoke the Anti Money Laundering Act and ensure that a reported RM7 billion… – Continue reading

Blow to Labuan as tax haven, says DAP

LABUAN: Former DAP Chairman here Lau Seng Kiat has questioned the Government’s rationale for parking billions of ringgit in 1MDB funds in distant Cayman Islands instead of the Labuan Financial and Business (ILFB) centre. Lau was referring to on-going controversies relating to the investment prudence of 1Malaysia Development Bhd (1MDB)… – Continue reading

‘M’sian firms can invest in offshore accounts’

KUALA LUMPUR: IT is not against Malaysian law for companies to keep funds in offshore accounts. Malaysian Companies (SSM) acting chief executive officer Zahrah Abd Wahab Fenner said it was not unusual for companies to keep their funds in offshore accounts. She said this when commenting on 1 Malaysia Development… – Continue reading

Daim advises 1MDB to come clean on Cayman Islands

KUALA LUMPUR: Former Finance Minister Daim Zainuddin told a luncheon talk organised by Malaysian Industrial Development Finance Bhd (MIDF) here on Thurs that 1Malaysia Development Berhad (1MDB) should keep in mind that the people have a right to expect transparency and accountability from it as taxpayer funds are involved. The… – Continue reading

1MDB bringing back Cayman Islands fund, says minister

Sovereign fund 1Malaysia Development Bhd (1MDB) is bringing back the RM7.18 billion it had invested in the Cayman Islands, despite making good returns. Deputy finance minister Datuk Ahmad Maslan said the fund had already brought back 60% of its funds, and the balance 40% will return to Malaysia by year-end,… – Continue reading