Singapore govt seizes S$240m in assets

KUALA LUMPUR: Singapore authorities have seized assets totalling S$240 million (RM717 million) as part of investigations into transactions linked to 1Malaysia Development Bhd (1MDB).

In a joint statement yesterday, Singapore’s Attorney-General’s Chambers, Commercial Affairs Department and the Monetary Authority of Singapore said of the total assets seized, S$120 million belonged to Malaysian financier Low Taek Jho and his immediate family.

The statement said Singapore authorities had been investigating various 1MDB-related fund flows through the country, for possible money laundering, securities fraud, cheating, and other offences committed in Singapore.

It said bank accounts belonging to various individuals had been seized and dealings in properties belonging to some individuals had been curtailed.

“The assets amount to S$240 million. Of these bank accounts and properties, about S$120 million belong to Low Taek Jho and his immediate family,” the statement said.

It also said it noted the statement by the United States Attorney-General on Wednesday, seeking the forfeiture and recovery of over US$1 billion (RM4 billion) in assets associated with an international conspiracy to launder funds related to 1MDB.

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