Malaysia seizes pipeline company’s RM1 bil funds, says report

August 30, 2019

Dateline 2019-07-13, FMT:

More than RM1 billion in a Malaysian bank account of a Chinese state-owned company is reported to have been transferred on government orders to a company owned by the finance ministry.

The Straits Times newspaper in Singapore described the seizure and transfer of funds by the Malaysian authorities as “an unprecedented move in Malaysian banking”.

It said global banking giant HSBC was told earlier this month to transfer the money, held in the Malaysian account of China Petroleum Pipeline Engineering Ltd, to Suria Strategic Resources Sdn Bhd, wholly owned by the finance ministry.