HK regulator fines 1MDB linked bank while Najib suing Pua

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The Financial Times said Hong Kong’s banking regulator has fined the local branch of private bank Coutts HK$7m ($901,000) for breaking anti-money laundering regulations.

The fine is to do with the bank’s connection to Malaysia’s 1MDB scandal.

This follows similar fines in Switzerland and Singapore connected to Malaysia’s 1MDB scandal.

Malaysia is the only country on earth that has seen no issues with 1MDB, clearing all the officials and classifying its own Attorney General’s report as an ‘official secret.”

Nevertheless, Prime Minister Najib Razak’s lawyers have served Opposition member Tony Pua of the DAP a letter of demand, asking the MP to apologize and retract a “defamatory” video he published on Facebook.

According to the letter, Najib’s lawyer Mohd Hafarizam Harun had stated that Pua’s video implied that his client had abused his power and stolen the public’s money.

The lawyer said Pua’s statement on Najib was defamatory, rejecting the MP’s view that Najib is not a tyrannical and oppressive kleptocrat, nor does he shun criticisms, neither is he a leader involved in corrupt practices, nor a leader who steals the people’s monies.

Najib is demanding that Pua, among others, publishes a written apology in two newspapers of his choice, and refrain from making further defamatory statements against the PM.

Failure to do so would result in the PM’s lawyers instituting legal proceedings against the Petaling Jaya Utara MP.

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