Silver lining in 1MDB saga
By Grace Leong Singapore's reputation as a financial hub was at stake as the authorities investigated a maze of transactions passing through the banking system here in the 1Malaysia Development Berhad (1MDB) controversy. The result of the Republic's most extensive probe to date: A total of $29.1 million in penalties slapped on eight errant banks and the conviction of five people linked to Malaysian businessman Low Taek Jho. Three of the five have been banned either for life or a minimum of 15 years from Singapore's securities industry, while another has been banned for 10 years. Three more face three- to six-year bans. The authorities stress that the scale of the review has been unprecedented, spanning hundreds of thousands of transactions involving many shell firms and people operating in the United States, Switzerland, Hong Kong, Luxembourg and Malaysia. But it may not be over yet, given the complexity of the case. The Monetary Authority of Singapore noted that its fin...