“But even if there is a billion-ringgit reason to park the RM4 billion in Singapore, why not keep it in Maybank Singapore or with other well-known banks like Citibank, JP Morgan and HSBC?” “The money was taken out of the country just days before the 2013 general elections to Cayman Islands tax haven. He added that keeping 1MDB’s money in Singapore alone was mysterious enough, given that the firm urgently needed to repay its debts to local lenders. “It is not my intention to penalise BSI or cast aspersions on it but with a staff of about 2,000 and a share capital of US$1.8 billion, BSI is smaller than our Affin Bank,” said Kadir. “The investigators must ask 1MDB managers did they not check the credibility and financial strength of banks they deposited the company’s money in? RM4 billion is no mean sum for a financially weak company like 1MDB. ![]() Its latest financial account posted on its website showed that it suffered a loss of US$722 million, he added. Kadir (pic, left) said the bank had US$1.8 billion (RM6.7 billion) share capital while its Singapore branch had a capital of US$200 million. ![]() So the investigators have to make sure that every single sen that 1MDB purportedly deposited with BSI is accounted for.” He said BSI was a Lugano-based Swiss private bank that became part of Brazilian group BTG Pactual last year, and was previously owned by Italian insurance giant, Assicurazione Generali SPA. “The move by 1MDB to park the money in Singapore with BSI only heightens the suspicion that something is amiss. “To my knowledge, private banks are usually used by rich individuals and secretive family companies who do not want too many questions asked about their sources of the wealth,” said Kadir in a post on his blog, The Scribe. Kadir Jasin, the former group editor-in-chief of The New Straits Times, said it was suspicious that 1MDB would choose BSI Bank Limited Singapore when government-linked firms, corporations or agencies normally placed their funds in large local and international banks. – The Malaysian Insider file pic, March 29, 2015.The investigation into troubled 1Malaysia Development Berhad (1MDB) should begin with its decision to park RM4 billion in a small private bank in Singapore that has also suffered millions of dollars in losses, a veteran journalist said today. Some RM4 billion from 1MDB was parked in a private bank in Singapore, a decision which Datuk A. The banks dealings with the countrys state-owned investment company, 1Malaysia Development Bhd., drew public scrutiny because of the high fees Goldman Sachs was paid. fashion model and designer Kimora Lee Simmons, was instrumental in building Goldman Sachss business in Malaysia. Leissner, a German national who is married to former U.S. Leissner, who had been with Goldman Sachs for almost 18 years and was most recently chairman of its Southeast Asia operations, relocated to Los Angeles on personal leave, people familiar with the matter said last month. ![]() His departure was confirmed by Goldman Sachs spokesman Edward Naylor, who said the firm moved Leissners headcount to the U.S. ![]() executive who helped build the investment banks Malaysia business, left earlier this month. Tim Leissner, the Goldman Sachs Group Inc. Tim Leissner and Kimora Lee Simmons Leissner with their son Wolfe. Goldmans Ex-Southeast Asia Chairman Tim Leissner Leaves Firm
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