INVESTIGATIONS INTO BANK ACCOUNT UNDER CONTROL OF MINISTER (Request for Statement)

Mr Lee Kuan Yew asked the Financial Secretary whether investigations regarding an account in the First National City Bank of New York in Singapore in which a very large sum of money was alleged to be under the control of a Minister were commenced by the Income Tax Department but subsequently stopped, and whether he will make a statement on the matter.

Mr Oon Khye Kiang: Mr Speaker, Sir, I have examined the matter referred to and am satisfied that the liability to tax of this account was properly examined and that there is no truth in the allegation that investigations were stopped.

Mr Lee Kuan Yew (Tanjong Pagar): Will the Financial Secretary tell us whether the Minister in question personally saw the Comptroller of Income Tax, who is now away on leave, and as a result of that interview investigations were dropped?

Mr Oon Khye Kiang: That is not correct, Sir.

Mr Lee Kuan Yew: Will the Financial Secretary then tell us, since there is a substantive motion coming up for debate later on in the course of this sitting, exactly under what circumstances investigations were stopped?

Mr Oon Khye Kiang: Sir, I mentioned that in my previous statement and have nothing further to add.