On 29 May 2017, Singapore’s central bank the Monetary Authority of Singapore (MAS) confirmed that it had concluded its two-year review on banks related to 1MDB funds. This was widely reported in the local state media and even foreign newspapers like CNBC.
The government newspaper Straits Times even published an article declaring that “1MDB review is over”, but MAS sang a different tune last week – attacking States Times Review of propagating fake news when it reported that the Singapore government was forced to reopen the 1MDB investigations after Najib Razak lost the general election.
While MAS may argue its way out insisting that investigations were never closed, its credibility took a beating by sending out mixed signals especially after seeing a new government came to power in Malaysia.
There is also a second valid point mounted by States Times Review: how did the Singapore authorities not be aware of the transactions amounting to billions over 3 years?
Singapore Herald has composed a timeline, from an assortment of official and media reports here.
Compiled by Singapore Herald www.singapore-herald.com email@example.com
|15 Nov 2018|
|28 June 2011||Good Star Limited (Jho Low)||RBS Coutts||Unknown||Switzerland||1MDB|
|28 June 2011||ADKMIC (Jho Low)||BSI||US$55 million||Singapore||RBS Coutts|
|28 June 2011||Larry Low Hock Peng (Father of Jho Low)||BSI||US$55 million||Singapore||BSI|
|28 June 2011||Selune Ltd (Jho Low)||Rothschild||US$30 million||Switzerland||BSI|
|25 May 2012 to 14 Dec 2012||Aaber Investments PJS Limited||BSI||Switzerland|
|25 May 2012 to 14 Dec 2012||5 unnamed sources from Standard Chartered and Citibank US||Standard Chartered, Citibank||US$636 million||Singapore, US||Aaber Investments PJS Limited|
|25 May 2012 to 14 Dec 2012||Blackstone Asia Real Estate||Standard Chartered||US$636 million||Singapore||5 unnamed sources from Standard Chartered and Citibank US|
|Unknown||Malaysia PM Najib Razak||AmPrivate and others||Unknown||Malaysia/Singapore||Blackstone Asia Real Estate|
|1MDB Energy (Langat) Ltd||Falcon Private Bank||Singapore|
|23 Oct 2012||Aaber Investments PJS Limited||BSI||US$790.3 million||Switzerland||Falcon Private Bank|
|24 Oct 2012||Blackstone Asia Real Estate||Standard Chartered||US$435 million||Singapore||BSI|
|2012, date unknown||Malaysia PM Najib Razak||Unnamed||US$170 million||Singapore||Blackstone Asia Real Estate|
|29 Oct 2012||Alsen Chance Holdings Limited||Standard Chartered||US$259.8 million||Singapore||Blackstone Asia Real Estate|
|1 Nov 2012||Good Star Limited (Jho Low)||Coutts||US$200 million||Switzerland||Standard Chartered|
|2 Nov 2012||ADKMIC (Jho Low)||BSI||US$153 million||Singapore||Coutts|
|5 Nov 2012||Larry Low Hock Peng (Father of Jho Low)||BSI||US$153 million||Singapore||BSI|
|7 Nov 2012||Jho Low||BSI||US$150 million||Singapore||BSI|
|7 Nov 2012||Selune Ltd (Jho Low)||Rothschild||US$110 million||Switzerland||BSI|
|4 Dec 2012||Blackstone Asia Real Estate||Standard Chartered||Singapore|
|4 Dec 2012||Malaysia PM Najib Razak||AmPrivate and others||US$85 million||Malaysia/Singapore||Standard Chartered|
|20 Feb 2013||Good Star Limited (Jho Low)||Coutts||Switzerland|
|20 Feb 2013||Malaysia PM Najib Razak||AmPrivate and others||US$20.75 million||Malaysia/Singapore||Good Star Limited (Jho Low)|
|1MDB Global Investments Ltd||1MDB||Malaysia||US$3 billion bond|
|2013, date unknown||3 unknown overseas funds||Unknown||Unknown||Unknown||1MDB Global Investments Ltd|
|21 Mar 2013||Tanore Finance Corp (Eric Tan Kim Loong, Jasmine Loo Ai Suan)||Falcon Private Bank||US$835 million||Singapore||3 unknown overseas funds|
|2013, date unknown||Malaysia PM Najib Razak||AmPrivate and others||US$670 million||Malaysia/Singapore||Tanore Finance Corp and various sources|
|25 Mar 2013||Granton Property Holdings||BSI||US$375 million||Singapore||Falcon Private Bank|
|25 Mar 2013||Dragon Market Limited (Jho Low)||RBS Coutts||US$378 million||Switzerland||Falcon Private Bank|
|25 Mar 2013||Dragon Market Limited (Jho Low)||RBS Coutts||US$140.5 million||Switzerland||Granton Property Holdings|
|25 Apr 2013 to 8 Nov 2013||Dragon Dynasty Limited (Jho Low)||BSI||US$476 million||Singapore||Dragon Market Limited (Jho Low)|
|12 Nov 2013||Larry Low Hock Peng (Father of Jho Low)||BSI||US$248 million||Singapore||Dragon Dynasty Limited (Jho Low)|
|12 Nov 2013||Jho Low||BSI||US$235.5 million||Singapore||Larry Low Hock Peng (Father of Jho Low)|
|12 Nov 2013||Low Taek Zen (Brother of Jho Low)||BSI||US$12.5 million||Singapore||Larry Low Hock Peng (Father of Jho Low)|
|12 Nov 2013||Unnamed US lawyers for purchase of US Park Lane Hotels||Unknown||US$218 million||US||Jho Low & Low Taek Zen (Brother of Jho Low)|
|1 May 2015||Singapore claimed it commenced 1MDB investigations|
|1 April 2016||Singapore confirms 1MDB investigations|
|24 May 2016||BSI bank’s license revoked|
|21 Jul 2016||
Singapore completes investigations of DBS, Standard Chartered, UBS, Falcon and Raffles Money Exchange
|10 Oct 2016||Singapore shuts down Falcon bank, fine DBS and UBS bank|
|20 May 2017||Singapore “wrapped up” 1MDB investigations|
In the period 3 year period from June 2011 to Nov 2013, there were at least 30 recorded transactions of significant amount in millions making transfers between bank accounts.
The Singapore authorities are either absolutely incompetent, or blatantly closing an eye to these suspicious transactions weaving in and out of Singapore banks. This is especially so, when two government-owned banks are involved: DBS and UOB.
Interestingly, the Singapore government never once disclosed the extent of involvement their state banks DBS and UOB in the 1MDB. How much money was laundered, over how long, how many transactions, when and all other information were censored by the Singapore government.
A search on DBS and UOB’s 1MDB involvement only shows up their million-dollar fines and the Singapore government’s imprisonment punishments on several individuals.
The question on whether the Singapore government is aware of the money laundering between 2011 and 2015 is crucial, as this would be evident the local authorities abetted former Malaysian PM Najib Razak in siphoning 1MDB state funds.
This would also naturally present the answers to the two most mind-boggling questions:
1) Why did the former Malaysia PM agree to sell Singapore raw water at 15 times below the rate of Melaka’s?
2) Why did the former Malaysia PM agree to build the High Speed Rail when he is well aware that he can’t afford it?
Malaysia is currently facing a hefty US$125 million contract penalty if they cancel the High Speed Rail contract with Singapore. At the same time, Malaysia is losing government revenue from its grossly-undercharged water sale to Singapore. All is needed now is to prove that the Singapore Prime Minister knowingly allowed Najib Razak to launder his money in Singapore in exchange for the two deals, and Malaysia could be nearer to paying off its trillion RM (S$333 billion) debt.
The implications of course would be on Singapore Prime Minister Lee Hsien Loong, who is already notorious for legal corruptions within Singapore. Lee Hsien Loong is the world’s most expensive politician, at S$2.2 million a year, and his dictatorship actively undermines democracy and freedom of speech. The next General Election is due in 2021, but the PM has indicated that he might be calling one next year in 2019.