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Hong Kong bank accounts frozen amid 1MDB probe


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Hong Kong bank accounts frozen amid 1MDB probe

The Hong Kong bank accounts of several unnamed individuals werefrozen in connection with global investigations into the finances of 1Malaysia DevelopmentBhd., or 1MDB, Bloomberg News reported May 4, citing "people with knowledgeof the matter."

The individuals who have had their accounts frozen are beinginvestigated by authorities outside of Malaysia, the sources said. It remains unclearwhich Hong Kong authorities ordered the accounts to be frozen, or if the banks hadacted on their own.

The Financial Timesreported in September 2015 that Hong Kong police were probing deposits related to1MDB after a complaint was filed.

1MDB, Malaysia's troubledstate fund, has been facing probes in multiplejurisdictions, including the U.S.and Switzerland, following allegations of money laundering and embezzlement. Inlate April, Malaysia's central bank imposed an undisclosed fine on 1MDB for itsfailure to comply with certain directives and ended its investigation into the fund.

Hong Kong's anti-corruption agency and police refused to commenton the matter, the news outlet reported.