Weather New York, NY +71°F


Swiss Attorney General Maximizes Malaysian 1MDB Probe Fund

(Credit: (Photo by Bethany Clarke/Getty Images for 9th World Islamic Economic Forum)) Swiss government is currently undergoing investigations to probe fund of the 1MDB.Swiss Attorney General Maximizes Malaysian 1MDB Probe Fund
October 14
6:00 AM 2016

The Switzerland's top prosecutor said that $4 billion may have been misappropriated from state-owned companies in Malaysia.

The office said that the investigation revealed that there were indications of that the fund had been misappropriated and said it was looking into four potential criminal conduct. According to investigations, there are funds that had been transferred to Swiss accounts.

The Swiss authorities have spent five months investigating unnamed people who are tied with 1MDB over bribery of public officials, misconduct in public office and money laundering.  Officials are however worried of the Malaysia's decision this week to stop the investigation into the transfer of $681 million into Mr. Najib's private bank account.

Mr. Najib and the 1MDB denied the wrong doing and says that it is cooperating with investigation.

Earlier this week, Mr. Apandi said that the money that was transferred to Mr. Najib's account was a legal donation from Saudi Arabia's royal family but then the Saudi government officials said that the Saudi Ministries of Foreign Affairs and Finance had no information on the donation that was being discussed.

A series of investigation is now on going in Malaysia which is included by the parliamentary committee, the auditor general and the police. He stood on the findings that there were no evidence of the act that were accused to Mr. Najib regarding the money that was transferred to his account.

In a statement, the PetroSaudi said it wasn't the subject of any investigation and hasn't been accused of any criminal conduct.

Swiss says that they had already frozen tens of millions of dollars in assets at unspecified Swiss Bank as part of their probes. In a recent report, the investigations has focused on transactions made using Falcon which is owned by an Abu Dhabi sovereign-wealth fund that has done business with 1MDB

© 2019 VCPOST, All rights reserved. Do not reproduce without permission.


Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics