SINGAPORE: The Monetary Authority of Singapore (MAS) is scrutinising new information emerging from Malaysia and elsewhere on the 1MDB scandal, as investigations by Singapore authorities into individuals continue, said MAS managing director Ravi Menon on Wednesday.
Menon was responding to questions from reporters at a media briefing on the central bank’s annual report.
Tuesday’s arrest of Malaysia’s former Prime Minister Najib Razak related to the scandal has dominated international headlines, with the 64-year-old subsequently charged with criminal breach of trust and abuse of power.
Menon reiterated that since the issue came up in 2015, MAS has “proactively” responded to “every request for information made by the Malaysian authorities”.
“And now after the (Malaysia) general election, with the Malaysians authorities stepping up their investigations, we’ve been in close contact,” said Menon, noting that MAS has met Malaysia’s 1MDB taskforce twice. “There’s been very good exchange of information, very fruitful… and we continue to cooperate with them,” he added.
MAS has taken a range of measures against banks and individuals – including shutting down two banks and fining another eight. Several individuals have also been convicted in court, while others were banned from working in the financial industry. “I think our record on 1MBD speaks for itself,” Menon said.
Declining to reveal the specifics, Menon said investigations in Singapore are ongoing. “We are still looking at certain individuals and there are others we are looking forward to interview… I can’t say more because it’s in the nature of these things that you can’t reveal much until it’s concluded and then we are in the position to announce.”
MAS has concluded a supervisory reviews of the banks, looking at “every lead and… across the banks”.
Menon added: “But we’ve said that if there is any new evidence we will relook at the banks again. So far, (that) hasn’t been the case… But the investigations into individuals continue. The Commercial Affairs Department is looking into it.” — TODAY ONLINE
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