KUALA LUMPUR – United States Attorney-General Merrick B. Garland has thanked his Singaporean counterpart Lucien Wong for the republic’s assistance in investigations into the 1Malaysia Development Bhd (1MDB) global financial fraud.
Both men met in Washington, DC, during an official function to commemorate the bilateral relationship between the respective countries’ law enforcement agencies and attorney-general’s offices over the past decade.
The issue over 1MDB, Malaysia’s beleaguered sovereign wealth fund dogged with financial improprieties worth billions of dollars, has seen enforcement agencies from numerous countries cooperating to bring those responsible to book.
Both Singapore and US authorities have also helped in repatriating funds embezzled from 1MDB and even taken lawful action, including charging in court corrupt bankers and co-conspirators of fugitive businessman Low Taek Jow, or Jho Low, a key figure in the scandal whose whereabouts are now not known.
“The Justice Department’s international law enforcement partnerships are integral to our efforts to uphold the rule of law and keep our country safe,” said Garland, according to a statement issued by the US Justice Department.
“The department is grateful for its relationship with our Singaporean law enforcement partners and looks forward to continuing our work together to combat transnational threats.”
In the meeting, Garland thanked Wong for his chambers’ assistance with the investigation of the “global bribery and US$4.5 billion (RM19.88 billion) embezzlement and money-laundering scheme“ involving 1MDB and for their recent “excellent assistance” with extraditions in other cases, the statement said.
“The leaders discussed the importance of cooperation in international criminal investigations and prosecutions, and on extradition and mutual legal assistance matters, in order to combat cybercrime, cryptocurrency crimes, financial fraud, money laundering, and drug trafficking,” it also said.
Singapore’s Commercial Affairs Department had investigated Goldman Sachs Singapore Pte and two of its former managing directors, Tim Leissner and Ng Chong Hwa @ Roger Ng, in relation to three bond offerings underwritten by Goldman Sachs International for the subsidiaries of 1MDB.
In April last year, a New York jury found Ng guilty in the scheme involving 1MDB, following testimony from Leissner.
A judge in New York then sentenced Ng to 10 years in prison last month.
In October 2020, the Monetary Authority of Singapore (MAS) had issued lifetime prohibition orders against Kevin Michael Swampillai, a former representative and head of the Wealth Management Services Department of BSI Bank Ltd, Singapore Branch (BSIS).
MAS said that Swampillai and his then subordinate, Yeo Jiawei, had from 2012 to 2013 helped 1MDB restructure several of its joint venture interests.
In the course of doing so, Swampillai and Yeo had channelled a portion of the fund management fees or “secret profits” to an entity beneficially owned by Swampillai, without BSIS’ knowledge and authorisation, it said
Similarly, Malaysia has convicted and sentenced former prime minister Datuk Seri Najib Razak to a 12-year jail sentence in his corruption case involving SRC International Sdn Bhd, a subsidiary of 1MDB.
The Federal Court also recently upheld the RM210 million fine imposed by the high court on Najib. – The Vibes, April 11, 2023
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