KUALA LUMPUR (Oct 24): The government sidestepped the opposition's question on the name of the new custodian bank that serves to guard RM940 million worth of assets owned by 1Malaysia Development Bhd (1MDB) through its wholly-owned subsidiary Brazen Sky Ltd. "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. "Brazen Sky Ltd's board of director also reported that there is no change in status of the said investment value," MoF added. 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 RM940 million owned by Brazen Sky after Singapore authority ordered BSI Bank to shut down.

Source: The Edge Markets October 24, 2016 06:33 UTC