Singapore to return RM152m 1MDB-linked money to Malaysia

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KUALA LUMPUR (July 19): Singapore is returning to Malaysia around S$50.3 million (about RM152 million) seized in connection with 1Malaysia Development Bhd's (1MDB) massive financial scandal, AFP reported today, quoting the Singapore Police Force.

AFP quoted Singapore police as saying their commercial affairs department had filed applications to return the S$50.3 million seized 1MDB-linked money to Malaysia, and the courts have given their approval.

"Part of the monies [has] already been transferred to Malaysia, while the rest are still being processed by the banks," Singapore police was quoted as saying late Thursday.

AFP reported that the police did not say where the money was seized from.

The newswire said: "The city-state is one of several countries that launched probes into allegations that billions of dollars were misappropriated from Malaysian sovereign wealth fund 1MDB in an elaborate ruse that stretched from Asia to the US."

"Singapore's investigations into 1MDB centred on allegations that its financial system was used to launder some of the stolen funds. The financial hub has jailed a Swiss banker and three Singaporean private bankers for their roles in the affair. It has closed the local branches of two Swiss banks, which were allegedly used to transfer illicit funds, for what regulators called massive lapses in financial controls," it reported.