KUALA LUMPUR: The balance of 1Malaysia Development Bhd’s (1MDB) fund of US$1.103 billion, which was managed by Cayman Monetary Authority, has been redeemed in cash.
Datuk Seri Najib Tun Razak said the fund was parked at BSI Bank Ltd Singapore to facilitate easier withdrawals.
“The decision to use the Singapore bank is to ensure easier withdrawals since regulations set by Bank Negara Malaysia needed its approval for transactions over RM50 million.” Najib said this in a written reply to Tony Pua (DAP-PJ Utara) in Dewan Rakyat yesterday.
Pua wanted to know whether 1MDB’s balance of US$1.1 billion from its investment in Cayman Islands, UK, was in cash or assets and the location. — Bernama