1MDB scandal far from losing steam: Singapore issues more ban

1MDB scandal far from losing steam: Singapore issues more ban

December 19, 2017 0 By User

The funny thing about the 1MDB scandal is that Malaysia says there is nothing wrong with it, but it is not going away!

With the Singapore’s central bank’s issuing new permanent bans against Yeo Jiawei, a former wealth manager of Swiss bank BSI involved in breaches related to Malaysia’s 1MDB fund, from managing financial services firms and advisory activities, the scandal is still alive and kicking.

In July, a Singapore court jailed Yeo for 4-1/2 years for money laundering and cheating in a case linked to investigations into the siphoning of billions of dollars from Malaysian sovereign fund 1MDB said Reuters.

The Monetary Authority of Singapore has also issued a three-year ban for former chief executive of financial advisory firm NRA Capital, Kevin Scully.

MAS has now issued prohibition orders against eight people involved in 1MDB-related breaches, following two bans announced last month.

It looks like the pet project that is involved in the world’s biggest corruption scandal and money laundering scandal in history, is going to make the headlines every now and then.

The scandal has also reached Mauritius where an Islamic bank is said to be linked to people who are close to the 1MDB scandal, that is people who were directly involved in the treachery.

But for the Malaysian authorities, nothing is wrong and the case is solved while Singapore, the tiny dot, is still bugging the world about this ‘scandal’.