SINGAPORE seized S$240 million in 1Malaysia Development Berhad (1MDB)-linked assets as the noose tightened around the embattled Malaysian state investment firm. Hours before, United States prosecutors announced that they had filed a suit to seize about US$1 billion (S$1.35 billion) of assets, which they say were laundered after being taken out of 1MDB. About half the amount seized in Singapore belonged to Malaysian businessman Mr Low Taek Jho and his family.
The US lawsuit named Malaysian PM Najib Razak’s stepson Mr Riza Aziz and Mr Low, who have been longtime friends. PM Najib himself is not named in the lawsuit, which refers instead to a “Malaysian Official 1” who is accused of having received hundreds of millions of dollars misappropriated from 1MDB. News outlets such as the Wall Street Journal say that PM Najib is “Malaysian Official 1” – who is referred to 32 times in the lawsuit.
Malaysian officials insist that no criminal activity has happened because the US suit is a civil suit. The Malaysian Attorney General had earlier concluded investigations into 1MDB and found no wrongdoing.
The Monetary Authority of Singapore (MAS) has rapped five banks for having weak anti-money laundering controls relating to the 1MDB scandal: DBS, UBS, Standard Chartered Bank, Falcon Private Bank Singapore and Raffles Money Change. MAS said that it will take strong action against the errant banks.
Hopefully this doesn’t put a dent in progress of the newly-signed high speed rail memorandum of understanding (MOU), between Singapore and Malaysia.
Singapore’s restaurants have been awarded 37 stars from the Michelin Guide, which awarded two hawker stalls with one star each. Hill Street Tai Hwa Pork Noodle on Crawford Lane and Hong Kong Soya Sauce Chicken Rice and Noodle in Chinatown Food Complex are the best value for money eats on the list.
The biggest winner is chef Joel Robuchon – already the chef with the most Michelin stars in the world. His two restaurants picked up five stars: Two for L’Atelier de Joel Robuchon at Resorts World Sentosa (RWS) and three for Joel Robuchon Restaurant, also at RWS. Joel Robuchon Restaurant is the only restaurant in Singapore which has been awarded with three stars.
Expect longer waits if you want a taste of a Michelin star restaurant now.
Featured image by Sean Danker.
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