Lee Hsien Loong, Ho Ching, Najib Razak; TodayOnline

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 singaporeheraldcontact@gmail.com
15 Nov 2018
Account Bank Amount transferred Country From
1MDB Malaysia
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)
Transfer From
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.