1MDB: The Singapore connection Events leading up to former Malaysian prime minister Najib Razak’s arrest stretch as far back as 2009. A number ofSingapore-based financial institutions and individuals were involved. Many have been questioned, some have been charged and convicted and some remain under investigation. The funds that flowed through Singapore could amount to at least US$3.3 billion ($4.5 billion). So far, five individuals have been convicted by Singapore courts for a variety of charges, including witness tampering and forgery. Three others were slapped with prohibition orders that ban them from working in the financial services industry. Investigations are still ongoing, and arrest warrants have been issued for two individuals: Jho Low and Eric Tan. The following is a recap of the events and the Singapore authorities’ actions. 2009 May 18 • Good Star Ltd, solely owned by Jho Low, is formed in Seychelles June 9 • A Good Star bank account, with Low as the sole beneficial owner, is opened with RBS Coutts’ Singapore branch Sept 28 • 1MDB invests US$1 billion for a 40% stake in a joint venture with PetroSaudi International (1MDBPetroSaudi). The investment is to be made in “immediately available cleared funds” from a Singapore BSI Bank account, with 1MDB as joint beneficial owner. Sept 30 • US$700 million is transferred to Low’s Good Star account with RBS Coutts Singapore 2011 June 28 • First of five wire transfers from Good Star to the BSI Bank account in Singapore under the name of Abu Dhabi Kuwait Malaysia Investment Corp, whose sole beneficial owner is Low • A total of US$389 million is transferred between 2011 and Sept 4, 2013 • Low allegedly uses funds from this account to acquire properties, artwork and jewellery in the US 2012 May • US$1.4 billion is raised in two separate bond offerings; Goldman Sachs is lead arranger • Between May 25 and Dec 14, US$636 million is diverted from an account held by British Virgin Islands-incorporated company Aabar Investments PJS (Aabar-BVI) to a Standard Chartered Singapore bank account in the name of Blackstone Asia Real Estate Partners. Eric Tan Kim Loong, an associate of Low, is the beneficial owner. • Another US$465 million is transferred to the same Blackstoneaccount from various sources • US$238 million is transferred from Aabar-BVI account to a Singapore BSI Bank account belonging to Red Granite Capital, owned by Riza Shahriz Abdul Aziz, Najib’s stepson. Money from Red Granite Capital is allegedly used to buy real estate and fund the Hollywood movie The Wolf of Wall Street. June 21 • Of US$133 million transferred from the Aabar-BVI account to Red Granite, US$41 million is transferred to a Standard Chartered Singapore bank account belonging to Tan. Money from this account is allegedly used to repay gambling debts racked up by Low and associates in Las Vegas. Nov 2 • Tan opens “Tanore Account” at Falcon Private Bank in Singapore 2013 March • Goldman facilitates issue of US$3 billion in 1MDB bonds • More than US$1.26 billion from the proceeds is diverted to accounts held by Tan, including the Tanore Account at Falcon Private Bank in Singapore • On March 21 and 25, US$681 million from the Falcon account is transferred to an AmBank account in Malaysia belonging to Najib 2015 March • The Monetary Authority of Singapore (MAS) commences investigations into 1MDB-related fund flows 2016 February • Singapore confirms ongoing probe when BSI Bank private banker Yak Yew Chee applies to court to release funds that had been frozen April 15 • BSI Bank wealth planner Yeo Jiawei is charged in court. He would face a total of 11 charges. May 24 • MAS shuts down BSI Bank in Singapore for breaches of antimony laundering regulations and gross misconduct. Six BSI bankers, including Yeo and Yak, are referred to the public prosecutor. July 21 • The US Department of Justice announces its intention to seek the forfeiture and recovery of more than US$1 billion in assets linked to 1MDB • The Attorney-General’s Chambers, Commercial Affairs Department (CAD) and MAS announce investigations beginning March 2015 on related fund flows • Bank accounts and properties worth $240 million are seized by Singapore; half belongs to Low and his immediate family Oct 11 • MAS shuts down Falcon Private Bank Singapore, for “serious failures” in anti-money laundering controls between March 2012 and May 2015 Oct 31 • Yeo’s four-week-long trial begins • He is painted as the nexus with the highest number of direct connections to a web of shell companies belonging to clients and managed by various service providers. In particular, Yeo helped to manage transactions of an entity called Brazen Sky, a subsidiary of 1MDB, which owns dubious assets via a convoluted fund structure. Nov 11 • Yak, named as Low’s relationship manager, pleads guilty. He is sentenced to 18 weeks’ jail and fined $24,000. Dec 2 • MAS fines Standard Chartered Bank Singapore $5.2 million and Coutts & Co’s Singapore branch $2.4 million for breaches of anti-money laundering regulations • MAS states its intention to issue a prohibition order on Tim Leissner, former director of Goldman Sachs (Asia) and a key person dealing with 1MDB Dec 16 • Yvonne Seah, Yak’s colleague at BSI, pleads guilty. She is jailed two weeks and fined $10,000. Dec 22 • Yeo is sentenced to 30 months’ jail. He appeals. 2017 May 30 • MAS announces completion of a two-year review of banks involved in 1MDB-related transactions known so far, describing the case as “the most extensive” money-laundering probe so far • Fines imposed on eight banks, including BSI Bank and Falcon Private Bank, which were also shut down • Eight individuals slapped with penalties, including lifelong prohibition orders, jail terms and fines July 12 • Yeo pleads guilty to a series of offences, including one that involves siphoning profits from 1MDB subsidiary Brazen Sky. He offers to help authorities in their investigations into Low. 2018 May 15 • In a joint statement, MAS and CAD say they are ready to render further assistance to Malaysia in 1MDB-related probes July • MAS managing director Ravi Menon reiterates that investigations by CAD are ongoing; Malaysian authorities have stepped up their investigations with the change in government, and information exchanges are ongoing. According to the Singapore Police Force, the arrest warrants for Low and Tan are still in force.