Thursday, 12 March 2015

Bank Negara makes it difficult for 1MDB?

Article from The Star: "PM: 1MDB moved RM4bil from Cayman Islands to Singapore".

One snippet:

“The remaining US$1.103bil in 1MDB’s investment funds managed by Cayman (Islands) Monetary Authority has been redeemed and is kept in US currency at BSI Bank Ltd Singapore (BSI Singapore),” he said in a written reply to the Dewan Rakyat in response to a question raised by Petaling Jaya North MP Tony Pua.

“The decision to use a bank in Singapore is to facilitate transactions as Bank Negara Malaysia (BNM) regulations require approval by the bank for each transaction exceeding RM50mil,” wrote Najib, who is also the Prime Minister.

That is a rather interesting statement from the Prime Minister of Malaysia, who is also the Minister of Finance.

"To facilitate" means "to make easier", in other words, Bank Negara Malaysia makes things more difficult by requiring approval.

Should other Malaysian companies follow suit, that is leave their money outside Malaysia, is that the lesson we learn from this?

No comments:

Post a Comment