Hornbill Unleashed

November 1, 2016

Finance Ministry plans to retrieve money stuck in BSI

Filed under: Politics — Hornbill Unleashed @ 9:01 PM

Finance Minister II Datuk Johari Abdul Ghani refuses to divulge details on plan to retrieve money in BSI. — File picThere is a plan to redeem SRC International’s money stuck in BSI Bank Limited (BSI Bank), the Finance Ministry announced today.

Finance Minister II Datuk Johari Abdul Ghani, however, refused to divulge details on the plan and said it was a work in progress.

“SRC is also one of the companies we are facing a problem, so I don’t want to elaborate details about that.

“Let the process of SRC trying to recover their money (happen) first. We are working out through various means to establish the money that has been deposited under BSI,” he told reporters on the sideline of an event today.

Malay Mail Online obtained a transcript of the press conference.

Johari explained that the money was stuck in BSI Bank as the bank is currently under probe in Singapore over links to funds from local state investment firm, 1Malaysia Development Berhad (1MDB).

“I was told by the management of SRC that the money in BSI bank got frozen and therefore they cannot take back the money.

“But I cannot give you anymore details than that because I think that is beyond me,” he said.

The Titiwangsa MP was responding to a question on whether SRC, a former 1MDB subsidiary, plans to repay the annual interest of its loan from the Retirement Fund Inc (KWAP).

Johari also reiterated that despite rumours, BSI Bank had not been closed down but was only sold to another entity.

Swiss financial regulators last May approved the dissolution of the Lugano-based BSI Bank over its links to a corruption scandal.


Source : The Malay Mail Online


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