Malaysia seizes $328 million held by Chinese state-owned unit in HSBC

An oil pipeline in Johor. The Pakatan Harapan government ordered HSBC to transfer the funds held in China Petroleum Pipeline Engineering Ltd's account in Malaysia to Suria Strategic Resources Sdn Bhd, which is wholly owned by the Ministry of Finance. PHOTO: REUTERS
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KUALA LUMPUR - Malaysian authorities have seized more than RM1 billion (S$328 million) held by China Petroleum Pipeline Engineering Ltd (CPP), a Chinese state-owned company.

In an unprecedented move in Malaysian banking, the Pakatan Harapan (PH) government ordered global banking giant, HSBC, early in July to transfer the funds held in CPP's account in Malaysia to Suria Strategic Resources Sdn Bhd, which is wholly owned by the Ministry of Finance.

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