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By Kuala Lumpur Newsroom
Nikkei Markets
KUALA LUMPUR (Dec 22) — Heres a roundup of local news:
*JPMorgan Rebuked by Swiss Regulator Over Dealings With 1MDB
Switzerlands financial regulator on Thursday said JPMorgan JPM 1.59% Chase & Co.s Swiss unit had seriously breached anti-money-laundering regulations related to its dealings with Malaysian state investment fund 1Malaysia Development, which is at the center of a global fraud scandal. 1MDB is the subject of investigations in the U.S., Switzerland and other countries into whether billions of dollars were siphoned out of the fund. J.P. Morgan failed to adequately identify the increased money laundering risks in some of the business relationships related to this case, the Swiss Financial Market Supervisory Authority, or Finma, said in a statement, citing enforcement proceedings it conducted between May 2016 and June 2017. – The Wall Street Journal
*Head of defunct Sunshine Empire firm charged in Malaysia
A day after his release from prison in Singapore, a multi-level marketing scheme founder has pleaded not guilty to charges in Malaysia on Thursday that could send him back behind bars if convicted. Singaporean James Phang Wah faces two charges under the Banking and Financial Institutions Act 1989 for accepting deposits without a valid license between 2006 and 2008 during his time assisting the management of its Malaysian affiliate, Sunshine Empire Malaysia. Each charge carries a maximum fine of RM10 million (US$2.46 million) or a prison term of 10 years, or both. – Channel News Asia
*Maybank ranked the safest bank in Malaysia, Indonesia
Malayan Banking and its Indonesian arm, PT Bank Maybank Indonesia, emerged as the safest banks operating in their respective countries, according to a country-by-country ranking by Global Finance Magazine. In a statement, Global Finance said banks were selected through an evaluation of long-term foreign currency ratings from Moody’s, Standard & Poor’s and Fitch and total assets of the 1,000 largest banks worldwide. – The Star
*Ibraco to unveil RM1.5b mixed development in Kuching by 1Q18
Sarawak-based Ibraco is looking to launch its 123-acre mixed development called Northbank in Kuching by the first quarter of 2018. Located in the greater Tabuan area, a prime spot in Kuching, Northbank has a GDV of RM1.5 billion and will comprise residential, retail and office suites. The project will be developed over five to seven years. – The Edge Markets
*Fajarbaru ups stake in PA Resources to 9.22%
Fajarbaru Builder Group has upped its stake in PA Resources by 0.89 percentage points to 9.22% through subscription of the latters issuance of rights share. According to PA Resources annual report for the financial year ended June 30, 2017 Fajarbarus shareholding stood at 8.33% as at Sept 28 this year. – The Edge Markets
– By Kuala Lumpur Newsroom; kleditorial@nikkeinewsrise.com; +60320267363
– Edited by Glen Nicol Perkinson
– Send Feedback to feedback@nikkeinewsrise.com
– Copyright (c) 2017 Nikkei NewsRise Asia Pte Ltd.
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