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Noose tightening slowly, but surely, says Pua on probe exposing SRC link
Published:  May 13, 2016 1:45 PM
Updated: May 14, 2016 10:01 PM

A DAP lawmaker, who has been at the forefront of the 1MDB saga, has called on Malaysians to have faith in the international investigations surrounding the firm.

"Now the SRC International connection gets entangled in international investigations.

"Malaysians, have faith, the noose is tightening, slowly (a bit too slowly perhaps), but surely," Tony Pua said in a Facebook posting.

The MP, whom 1MDB once called, among others, a "one-trick pony" for recycling allegations, was responding to a report that a new charge levelled by Singapore authorities against former private banker Yeo Jiawei revealed SRC International's link to the 1MDB saga.

According to Singapore-based Today Online, Yeo was charged with facilitating the transfer of US$11.95 million (RM48 million) from SRC International to Affinity Equity International Partners, a company owned by Tan Kim Loong.

The Wall Street Journal previously reported that Tan was the beneficiary owner of Tanore Finance when it was first set up, the same British Virgin Islands entity that sent US$681 million to Prime Minister Najib Abdul Razak's personal bank accounts.

The US-based publication had also reported that Tanore Finance was the partial beneficiary of the US$3.5 billion that 1MDB was supposed to pay Aabar Investments PJS but was diverted to a British Virgin Islands company bearing a similar name - Aabar Investments PJS Limited.

The money from the wrong Aabar Investments PJS Ltd passed through intermediaries before ending up in Tanore Finance.

The Singapore investigation is significant as it reveals the first link between SRC International and individuals connected to the 1MDB issue.

Previously, apart from SRC being a former subsidiary of 1MDB, it was never directly linked to the web of multi-million ringgit transactions by the Malaysian fund that is now the subject of international investigations.

Meanwhile, the Today Online report also said that Singapore prosecutors claim that the latest charge against Yeo, his seventh as a result of the investigation into 1MDB, opens an entirely new front in the city-state's probe.

"The new charge is significant as it opens up an entirely new front in the investigations. It reveals that the investigations have reached a critical stage, with a higher level of urgency and sensitivity.

"As they are moving closer to the centre of a complex web of cross-jurisdictional criminal transactions, moving closer to the origins of the money flows and the principals that the accused has been interacting with," Singapore's second solicitor-general Kwek Mean Luck was quoted as saying.

1MDB has repeatedly claimed that the allegations against the firm were politically-motivated, hurled by those wanting to topple Prime Minister Najib Abdul Razak from power.

The prime minister has also denied abusing public funds for personal gain.

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