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BUILT TO ORDER   Could it be a sign that the Housing Board’s first Build-to-order (BTO) launch this year was on Valentine’s Day and that this launch is also the first time families can apply under the Fresh Start Housing Scheme? Perhaps the parallels are pushing it, but the 4,065 new flats in Clementi, Tampines and Punggol will no doubt provide a good start for couples hoping to start a family. Out of the 4000 plus units, 1,603 will be in Clementi, 638 in Tampines and 1,815 in Punggol. ThisRead More

Banker in 1MDB case worked with Malaysian PM’s friend: witness

[SINGAPORE] A private banker on trial in Singapore for his alleged role in Malaysia’s 1MDB fund scandal worked closely with a friend of Malaysian Prime Minister Najib Razak, a court heard Tuesday. A prosecution witness told a district court that Singaporean Yeo Jiawei, 33, left his job at the local branch of Swiss bank BSI in 2014 to work with Low Taek Jho, a family friend of the Malaysian leader, and they conducted business in a secretive way. Allegations of misappropriations of billions of dollars from 1MDB through money-laundering haveRead More

Singapore orders bank closure and fines over 1MDB links

The Monetary Authority of Singapore has ordered a Swiss merchant bank to close and fined two other banks for breaching anti-money laundering controls. The action follows an investigation into money flows linked to the Malaysian state investment fund 1MDB. Falcon Bank will lose its merchant bank status in Singapore. Its branch manager was arrested last week. South East Asia’s biggest bank DBS has been fined S$1m (US$726,000; £589,000) while UBS will have to pay S$1.3m. Malaysian PM under pressure over 1MDB scandal 1MDB: The case that’s riveting Malaysia The USRead More

Malaysia 1MDB investigation: US seeks to seize $1bn in assets

The US Justice Department is looking to seize more than $1bn (£761m) in assets as part of its investigation into Malaysia’s state fund 1MDB. Lawsuits filed in Los Angeles by the Justice Department allege there was “an international conspiracy to launder funds misappropriated” from 1MDB. The fund was set up in 2009 to turn Kuala Lumpur into a financial hub. But, the lawsuits say, billions of dollars were instead fraudulently diverted from 1MDB. It says “multiple individuals, including public officials and their associates” were responsible for diverting money between 2009Read More