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1MDB’s US$1.103b Stored In Singapore, Says Najib

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KUALA LUMPUR: The balance of the 1Malaysia Development Berhad ‘s (1MDB) funds totalling US$1.103 billion in the Cayman Islands has been redeemed for cash and is now parked at the BSI Bank Limited in Singapore.

Prime Minister Datuk Seri Najib Razak said the decision to park the money at BSI is to facilitate transactions as the ruling by Bank Negara is that it has to approve transactions of more than RM 50 million.

Najib, who is also Finance Minister, said this a written reply to a question from Tony Pua Kiam Wee (DAP-Petaling Jaya Utara) in Parliament today.

BSI Bank Limited Singapore is a wholly owned subsidiary of BSI AG, Lugano, Switzerland.-NST

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