Friday, July 22, 2016

Not Missing The Boat

Well , that didn’t take long. Just a day after the US Justice Department move to seize more than $1 billion in assets due to the scandal at 1Malaysia Development Berhad (1MDB), Singapore has gotten into the act.

Singapore said that it had seized S$240 million in assets from individuals linked to alleged fraud at 1MDB. The Monetary Authority of Singapore said that bank accounts of about S$120 million in the accounts and properties belonged to Malaysian financier Low Taek Jho and his immediate family was seized and their ability to deal in properties were curtailed.

Needless to say, this is just a drop in the bucket when you consider that more than $3.5 billion was misappropriated from 1MDB but it does seem that Singapore is afraid to miss the boat and is now making their claim of the money. 

Too bad for the people of Malaysia I guess; whether it’s with the US government, the Singapore government, or in the bank accounts of corrupt Malaysian “businessmen”, they are not going to see the money anytime soon. 

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