KUALA LUMPUR — November 1, 2016: SRC International Sdn. Bhd. is in the process of recovering money it had deposited with BSI Bank Ltd. in Singapore.
“We are working out through various means to establish the money that was deposited with BSI Bank,” Second
Finance Minister Datuk Johari Abdul Ghani said to reporters on the sidelines of the Asian Strategic Leadership Institute’s 21st Malaysian Capital Market Summit here today.
Johari was informed by SRC International’s management that its money was deposited with BSI Bank but was having difficulty recovering it.
On May 24, the Monetary Authority of Singapore said it had ordered the closure of Switzerland’s BSI Bank in the republic over serious breaches of anti-money laundering requirements, poor management oversight of the bank’s
operations and gross misconduct by some staff.
Asked on this, Johari said the bank was not closed down but was instead sold to another entity.
“BSI is still there, so whatever money SRC International had invested, I think we are looking at it,” he said.
SRC International, set up in early 2011 to pursue strategic overseas investments in energy resources, was formerly a subsidiary of 1Malaysia Development Berhad but was taken over by the finance ministry following 1MDB’s restructuring. — Bernama