Brunei looks into misuse of funds

Brunei looks into misuse of funds

BANDAR SERI BEGAWAN (AFP): Brunei's government said on Monday that "large sums of money" had been misappropriated from a state investment agency to companies controlled by an estranged brother of Sultan Hassanal Bolkiah.

A statement from the office of the prime minister indicated legal action would follow an investigation into the Brunei Investment Agency (BIA). Its former head Prince Jefri, 44, has fled the tiny oil-rich kingdom.

"The findings of the Financial Task Force have indicated that misappropriation of BIA funds has occurred to finance non- government projects and to purchase properties including overseas assets as well as to distribute part of these funds to certain individuals and companies not belonging to the government," the statement said.

The transaction were carried out without the prior knowledge and consent of the sultan, it said.