Malaysia: MOF: Assets from 1MDB unit now in another international bank

Author(s): Ram Anand | Date: October 24, 2016 | Language: English
Source: http://www.themalaymailonline.com/ | URL: https://goo.gl/Y7Cwod | Type: Text

Some RM940 million worth of unit trusts owned by 1Malaysia Development Berhad (1MDB) subsidiary Brazen Sky Limited has been placed in the custody of another international bank after Singapore’s BSI Bank shuttered, the Finance Ministry said today.
In a written parliamentary answer to Petaling Jaya Utara MP Tony Pua, the ministry said that a fund manager is in charge of the monies previously parked in Singapore BSI.
“An international licensed bank has been given the mandate to act as a custodian bank, to take over from BSI,” it said.
However, it did not disclose the name of the new bank.

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