The documents were supplied to various authorities by 1MDB’s Arul Kanda and purported to show Brazen Sky’s statement of accounts in November 2014. However, the Swiss private bank has told the Singapore authorities that the document did not originate from them and does not represent a true account of the assets of the 1MDB subsidiary.
The information about the bank statements was reported back to Malaysia on March 13, two days after Prime Minister and Finance Minister Datuk Seri Najib Razak issued a parliamentary reply that confirmed that the remaining US$1.103 billion had been “redeemed” from Brazen Sky’s alleged offshore fund in the Cayman Islands and was now being “kept in US currency” at BSI Bank Limited in Singapore.
Information obtained in Singapore had corroborated that there was no actual cash in the relevant Brazen Sky Limited account. The account merely contained paper assets, the true value of which cannot be determined.
This new information raises huge new concerns about the management of 1MDB on the day that (DAP lawmaker) Tony Pua has himself revealed the extent to which electricity prices for Malaysian customers are due to be hiked (in some cases by over 20%) as part of the government’s efforts to bail out the failing development fund through a series of favoured power deal concessions.
It is confusing how the 1MDB money trail had been, with years of twists and turns in the various accounts provided by 1MDB as to what happened to the money supposedly retrieved by the fund after it terminated its ill-fated first joint-venture with the company PetroSaudi International in 2009.
We have now seen evidence that Arul Kanda did privately submit documents from 1MDB to relevant authorities, in order to apparently substantiate the various claims about 1MDB’s BSI Bank account in Singapore.
The evidence showed that he had sent copies of bank statements to regulatory bodies, which were then passed to BSI Bank in Singapore. These included a November 2014 bank statement for Brazen Sky Limited’s account at BSI Bank."
That (the redemption) is (in) unit... that’s what it is… in unit, and then, that is being backed sovereign wealth funds,” Ahmad Husni said, but declined to explain further what he meant by “units”."