Arab Today, arab today kicks out swiss bank linked to malaysias 1mdb
Last Updated : GMT 12:54:35
Arab Today, arab today
Arab Today, arab today

Singapore's central bank

Kicks out Swiss bank linked to Malaysia's 1MDB

Arab Today, arab today

Arab Today, arab today Kicks out Swiss bank linked to Malaysia's 1MDB

Singapore's central bank has ordered the closure of the local branch
Singapore - Arab Today

Singapore's central bank on Tuesday said it was kicking out Switzerland's BSI Bank, which has been linked to a global money-laundering scandal that has embroiled neighbouring Malaysia's Prime Minister Najib Razak.

In the toughest legal action so far in the crisis rocking Malaysian state fund 1MDB, Switzerland also disclosed it had launched criminal proceedings against the parent firm BSI SA for "deficiencies" in its internal organisation.

“BSI Bank is the worst case of control lapses and gross misconduct that we have seen in the Singapore financial sector," Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), said in a statement.

MAS said it had asked state prosecutors to investigate six senior executives of BSI Bank for possible criminal offences and fined it Sg$ 13.3 million ($9.6 million) for 41 breaches of Singapore's laws against money laundering.

Among those facing investigation is former chief executive Hans Peter Brunner. 

Two Singaporean executives of the bank are already facing criminal proceedings in the city-state, which is Southeast Asia's financial hub and hosts more than 200 banks.

BSI has been operating as a merchant bank in Singapore since November 2005, offering private banking services to wealthy individuals.

The last time Singapore stripped a merchant bank of its status was in 1984, when the local branch of Jardine Fleming was shut down for "serious lapses" in its advisory work.

Najib, who founded 1Malaysia Development Berhad (1MDB) in 2009, has battled allegations that billions were looted from the investment vehicle in a vast campaign of fraud and embezzlement stretching from the Middle East to the Caymans.

- Denials -
The fund, which ran up more than $11 billion in debt in a series of much-questioned investments, has steadfastly denied money was stolen or that it was in financial trouble.

Najib also faced questions after the Wall Street Journal revealed $681 million in transfers to his personal bank accounts.

But since the scandal erupted last year, Najib has weathered the allegations by curbing scrutiny by authorities, purging officials demanding accountability, and stifling media reporting.

He insists the $681 million was a gift from the Saudi royal family, most of which he returned. A Saudi official in April said that was true, but only after weeks of silence that cast doubt on the claim.

In a series of more recent reports, however, the newspaper said Malaysian investigation documents indicated more than $1 billion in 1MDB-linked money had been funnelled to Najib.

Najib and 1MDB vehemently deny that claim.

Najib has faced calls to resign but has tightened his grip on the ruling party and thwarted domestic investigations. His position is not seen as under imminent threat.

Singapore's MAS said it was "working closely" with the Swiss Financial Market Supervisory Authority (FINMA), which has already approved the sale of the BSI parent firm to another Swiss-based bank, EFG International.

The Office of the Attorney General of Switzerland  said Tuesday that it had opened criminal proceedings against BSI SA "based on information revealed by the criminal proceedings in the 1MDB case".

In Singapore, former BSI Bank relationship manager Yak Yew Chee is undergoing a criminal investigation for his dealings with a unit of 1MDB. His bank deposits have been frozen.

Separately, former BSI Bank wealth planner Yeo Jiawei, also a Singaporean, faces seven charges including forgery, money laundering, cheating and perverting the course of justice. He is in police custody and scheduled to appear in court Tuesday.

Source :AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today kicks out swiss bank linked to malaysias 1mdb Arab Today, arab today kicks out swiss bank linked to malaysias 1mdb

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today kicks out swiss bank linked to malaysias 1mdb Arab Today, arab today kicks out swiss bank linked to malaysias 1mdb

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Malaysia Airlines picks new CEO

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 09:56 2017 Friday ,20 October

Privacy Groups Warn of Perils

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday