Singapore's childish attempt to put Falcon IB out of business in order to defend Najib - A case of ethnic Chinese coffeshop tactics applied to international finance and regulation

by Ganesh Sahathevan




Hsien Loong and Najib 



Singapore's childish (read comical, crude) attempts to not have to deal with the matter of Malaysian Prime Minister Najib Razak using Falcon Bank's branch in Singapore to launder and conceal funds stolen if not otherwise misappropriated  from 1 MDB has gone to the next  level with the apparent decision to ban Falcon from taking on new business.

The Singaporeans are clearly trying to drive Falcon out of business, rather than have to shut them down.Falcon clearly is not prepared to give in, daring the childish and childlike Singaporeans to do their worst. All very reminiscent of the style o business employed by small (and indeed large) Chinese owned familiy business, like the many coffeshops one finds in Singapore, where uniformed and unaware of the law,rules and regulations, business owners attempt to resolve matters by use of force of other means which often expose them to even greater liability.Of course, when dealing with persons equally unschooled there are not likely to be any real consequences.However, in the matter of 1 MDB, given that DOJ asset seizure, the whole world is watching.
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Falcon Private Bank Banned From Acquiring New Singapore Business-Report


Swiss Falcon Private Bank has been banned from taking new money in Singapore due to its dealings with scandal-hit Malaysian state fund 1MDB, according to a media report.
Singapore’s regulator has sanctioned Zurich-based Falcon Private Bank, Swiss business newspaper «Finanz und Wirtschaft» (in German) reported overnight, without disclosing how it came to the information.
The move comes shortly as Swiss authorities home in on former Falcon chairman Khadem al-Qubaisi, according to the «Financial Times» und other media. Al-Qubaisi is the former head of Abu Dhabi's International Petroleum Investment Company, or IPIC.
Falcon Named and Shamed
A spokesman for Falcon didn’t respond to requests for comment. A spokeswoman for MAS didn’t comment.
Falcon is one of a handful of banks including UBS which were named and shamed last month for their involvement with 1MDB.
1MDB was set up in 2009 to foster economic development. U.S. and officials in other countries believe billions in state money were pilfered from the Malaysian fund for private use, via a complicated web of offshore accounts.

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