Singapore authorities have to-date seized assets worth S$240 million that have been linked to Malaysia's scandal-ridden state fund, 1 Malaysia Development Bhd (1MDB).

SINGAPORE authorities have to-date seized assets worth S$240 million that have been linked to Malaysia's scandal-ridden state fund, 1 Malaysia Development Bhd (1MDB).

A joint statement by the Attorney-General's Chambers (AGC), Commercial Affairs Department, Singapore Police Force (CAD) and the Monetary Authority of Singapore (MAS) revealed that Singapore's investigations began in March 2015 and are still in progress.

"In the course of the investigations, bank accounts belonging to various individuals have been seized and dealings in properties belonging to some of these individuals have been curtailed,'' they said.

The assets amounted in total to S$240 million to-date. Of these bank accounts and properties, about S$120 million belong to Low Taek Jho and his immediate family.

The release was issued following statement by the US Attorney General on July 20, 2016, seeking the forfeiture and recovery of more than US$1 billion in assets associated with an international conspiracy to launder funds related to 1MDB.

It added that Singapore has made a number of requests for information to countries where these funds originated from or were subsequently sent to. Some of these requests are still being processed. Several countries have likewise requested Singapore's assistance in relation to questionable fund flows pertaining to monies suspected to have originated from 1MDB.

"Singapore has promptly acceded to all such requests, in compliance with our international obligations,'' the joint release said, adding that appropriate actions will be brought against those who have broken Singapore's laws.

To-date, two individuals - Yeo Jiawei and Kelvin Ang - have been charged for various offences. Several other individuals are still being questioned or investigated.

For more coverage of the 1MDB scandal: bt.sg/1MDB