Brunei looks into misuse of funds

Tue, 22 Sep 1998, 00:00 WIB | Source: AFP

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.

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