Singapore punishes individuals, organisations linked to 1MDB Fund scan

Singapore punishes individuals, organisations linked to 1MDB Fund scandal

The Monetary Authority of Singapore (MAS) on March 13 announced its punishments on former banking officials found involving in the money-laundering activity of the 1MDB Fund.
Singapore punishes individuals, organisations linked to 1MDB Fund scandal ảnh 1The Monetary Authority of Singapore (MAS). (Source: straitstimes.com)

Hanoi(VNA) – The Monetary Authority of Singapore (MAS) on March 13 announced itspunishments on former banking officials found involving in the money-launderingactivity of the 1MDB Fund.

Accordingly, MASissued a 10-year ban, with immediate effect, for Tim Leissner, former directorof Goldman Sachs Singapore, from participating in any activities, directly orindirectly, under the realm of the Securities and Futures Acts as well asmanaging any financial companies in Singapore.

It also announcedbans from 15 years to lifetime for Jens Sturzenegger, former manager of Swiss-basedFalcon Bank’s office in Singapore, Yak Yew Chee and Yvonne Seah Yew Foong, formersemployees of Switzerland’s BSI Bank.

Earlier, in2016, MAS withdrew the operation licences of two Swiss banks BSI and Falcon witha combined fine of nearly 13 million USD, fined Singapore’s DBS andSwitzerland’s UBS nearly 1.7 million USD in total and two UK banks StandardChartered and Coutts over 5.3 million USD.

Singaporesuspended many accounts while probing 1MDB Fund’s scandal.

The 1MDB Fundwas formed by the Malaysian government to promote economic development inMalaysia via global partnership and foreign direct investment. But in 2015, thefund lost 3.5 billion USD, which led to financial probes in many countries likethe United States, Switzerland, Singapore, Malaysia and China.-VNA

See more

At Pulau Seraya power station (Photo: Straitimes)

Singapore begins construction on hydrogen-fueled power plant

Singapore on October 23 began the construction of an 800 million USD power plant that has the capability to use hydrogen to generate electricity, as part of a push to utilise the fuel to reach Singapore’s net-zero carbon emissions target by 2050.

Delegates at the event (Photo: VNA)

125th anniversary of Permanent Court of Arbitration celebrated

The Permanent Mission of Vietnam to the United Nations and missions of the Philippines, Australia, Egypt, Guatemala, Hungary, Thailand, France, Eritrea and Austria, organised a ceremony on October 22 to celebrate the 125th anniversary of the Permanent Court of Arbitration (PCA), as part of the International Law Week at the UN General Assembly's Legal Committee (Sixth Committee).

CEO of the Malaysia Digital Economy Corporation Anuar Fariz Fadzil (Photo: focusmalaysia.my)

Malaysia continues placing emphasis on digitalisation

The Budget 2025 provides significant support to further accelerate Malaysia’s digitalisation, encourage adoption of artificial intelligence (AI) and drive inclusive growth, further positioning Malaysia as a leading digital hub within the ASEAN region, according to CEO of the Malaysia Digital Economy Corporation (MDEC) Anuar Fariz Fadzil.

Malaysia's economic reforms boost investment inflow (Photo: thestar.com.my)

Malaysia's economic reforms boost investment inflow

Malaysia has attracted substantial foreign investments, reaching 22.2 billion MYR (5.16 billion USD) in the third quarter of 2024, the highest level for the same period since 2012, according to UOB's Global Markets and Economics report.

Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN speaks at the debate (Photo: VNA)

Maintaining peace, stability a must for progress on human rights: Ambassador

Progress in human rights can only be achieved by maintaining peace and stability, respecting the rule of law at both the international and national levels, and ensuring respect for the principles of national sovereignty and non-interference in internal affairs, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN.

A visitor browses travel promotions at a travel fair in Nonthaburi province. (Photo: Bangkok Post)

Thailand plans enhanced support for domestic tourism

Thailand’s Ministry of Tourism and Sports is aiming to increase subsidy to local tourists in the upcoming stimulus scheme to 50% and would like to change the criteria for online travel agents, mandating them to register in Thailand to avoid losing income to foreign companies.

Oil field offshore Indonesia. (Photo: thejakartapost.com)

Indonesia begins major oil, gas exploration in Sulawesi

Indonesia's state-owned oil company Pertamina, along with foreign partners Sinopec from China and Kuwait’s Kufpec, has signed a contract to explore the Melati oil and gas block, located off the coast of Sulawesi. The block is estimated to contain trillions of cubic feet of gas reserves.