<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Oct 24): The government sidestepped the opposition's question on the name of the new custodian bank that serves to guard US$940 million (about RM3.9 billion) worth of assets owned by 1Malaysia Development Bhd (1MDB) through its wholly-owned subsidiary Brazen Sky Ltd.</p></div>

<div class=newsTextDataWrapInner><p>In a written reply dated last Thursday (Oct 20) to Petaling Jaya Utara member of Parliament Tony Pua Kiam Wee, the Ministry of Finance (MoF) said Brazen Sky's board of directors have certified that "an international licensed bank has been given the mandate to be the custodian bank" to take over Singapore's BSI Bank's previous role.</p></div>

<div class=newsTextDataWrapInner><p>"The fund unit [owned] by Brazen Sky Ltd is being managed by fund manager. The functions of such fund manager [are] different from a custodian bank's functions, amongst others, being an intermediary," the statement read.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>"Brazen Sky Ltd's board of director also reported that there is no change in status of the said investment value," MoF added.</p></div>

<div class=newsTextDataWrapInner><p>Pua, through Parliamentary query, had required the MoF to state the new bank that was given the role as "custodian bank" to guard a fund "unit" worth US$940 million owned by Brazen Sky after Singapore authority ordered BSI Bank to shut down.</p></div>

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KUALA LUMPUR (Oct 24): The government sidestepped the opposition's question on the name of the new custodian bank that serves to guard US$940 million (about RM3.9 billion) worth of assets owned by 1Malaysia Development Bhd (1MDB) through its wholly-owned subsidiary Brazen Sky Ltd.

In a ...

Govt keeps mum on 1MDB's Singapore custodian bank name

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