29 Jun '17, 11am

Spore: 1MDB-related penalties ‘heavy enough’ https://t.co/oFBg6DUc6h

Spore: 1MDB-related penalties ‘heavy enough’ https://t.co/oFBg6DUc6h

MAS says nothing new in latest DoJ lawsuit but adds that it will reopen the files and pursue the matter if any new leads come up. SINGAPORE: The penalties Singapore handed out in relation to its probe into 1Malaysia Development Bhd-related fund flows were strong enough to send “deterrent” signals, said the city’s regulatory chief. The fines were in line with domestic legislation, Monetary Authority of Singapore (MAS) managing director Ravi Menon told reporters at a briefing on Thursday, when asked if the penalties had been too light. Following a two-year review into 1MDB, Singapore imposed a total of S$29.1 million (RM90 million) in financial penalties on eight banks, including DBS Group Holdings Ltd, the country’s largest. MAS also issued orders banning four former bank employees from financial activities, and has notified another three individuals of its intention for si...

Full article: http://www.freemalaysiatoday.com/category/nation/2017/06/...

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