Malaysia works with Singapore to retrieve 1MDB fund
Malaysia and Singapore agreed to work together on the investigation into a multi-billion-dollar scandal at Malaysia's State investment fund 1Malaysia Development Berhad (1MDB).
Singaporean investigators arrived in Kuala Lumpur to support the investigation as required by the Malaysian authorities (Source: //www.channelnewsasia.com)
Hanoi (VNA) - Malaysia and Singapore agreed to work together on the investigationinto a multi-billion-dollar scandal at Malaysia'sState investment fund 1Malaysia Development Berhad (1MDB).
In a statement on May 31, the Malaysian special force incharge of the investigation said the two countries will jointly collectevidence and investigate witnessesinvolved in the case.
The Singaporean side confirmed that its investigators arrived in Kuala Lumpurto support the investigation as required by the Malaysian authorities.
Singapore has taken action against several banks and bankofficials for failures of money-laundering controls over transactions relatedto 1MDB, including the closure of units of BSI Bank and Falcon Bank.
The move comes a week after Malaysian officials met officers of the FederalBureau of Investigation (FBI) and the US Department of Justice (DOJ) - this indicatesthat Malaysia will seek the US’s assistance in this investigation.
1MDB is an investment fund formed by former Malaysian PMNajib Razak in 2009 with the aim of serving the country’s socio-economicdevelopment.
Former PM Najib was accused of being related tothe loss of billions of US dollars in transactions with other countries throughthe 1MDB. However, the fund representative and Najib for many times rejectedthe accusation.
Malaysia has set up a special task force toinvestigate the scandal surrounding the fund.
The team is responsible for carrying out probes,identifying and seizing assets acquired using funds from the state fund.
It also works to seek cooperation fromenforcement agencies in the United States, Switzerland, Singapore, Canada andother countries.
The newly-elected PM Mahathir Mohamad said thathe will re-investigate the case and is determined to reclaim the loss.-VNA
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Singaporean investigators arrived in Kuala Lumpur to support the investigation as required by the Malaysian authorities (Source: //www.channelnewsasia.com) 
