1MDB: Cayman's funds fully redeemed, not in cash but assets
Prime Minister Datuk Seri Najib Razak said the funds were redeemed in US dollars and is now kept in BSI Bank Limited Singapore.
The Finance Ministry today said that the 1Malaysia Development Berhad (1MDB) funds managed by the Cayman Monetary Authority amounting to US$1.103 billion were fully redeemed, not in cash but assets.
Prime Minister Datuk Seri Najib Razak said the funds redeemed in US dollars and were now kept in BSI Bank Limited Singapore.
“1MDB has explained that the remainder of the investments, which have been redeemed by 1MDB, is in the form of assets in US dollars in a bank in Singapore with the aim to balance the liability of the US dollar,” Najib said in a written reply to DAP Petaling Jaya Utara MP Tony Pua.
“The bank is acting as a custodian of the assets on behalf of 1MDB,” Najib said in his written reply at the Parliament today.
However, Najib had in March, in a parliamentary reply said that the US$1.103bil has been redeemed in the form of cash and that the money is retained in Singapore in US dollar.
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