Switzerland’s attorney-general in a statement released late yesterday said that a criminal investigation into Malaysian state fund 1MDB has revealed that about US$4 billion appears to have been misappropriated from Malaysian state companies.
In its statement seeking Malaysia’s assistance, the Swiss AG’s office said: “The monies believed to have been misappropriated would have been earmarked for investment in economic and social development projects in Malaysia.”
It added that each case involved “a systematic course of action carried out by means of complex financial structures”.
Meanwhile another publication, Sarawak Report, which first published information about the 1MDB scandal has named some Singapore players who may be involved in the scandal.
“The final referrence to ADMIC shows that the Swiss are also looking into the money that was transferred by Jho Low from his Good Star company account in Zurich to his BSI Singapore account held under the name of ADMIC (Abu Dabhi Malaysia Investment Corporation).”
“The Swiss private banks…are all facing questions about the hundreds of millions processed through the accounts of these public officials and politically exposed persons. Also likely to be highly concerned is the American giant Goldman Sachs. The main individual behind the 1MDB bond deals, their Singapore boss Tim Leissner was reported to have taken leave from the bank only last week.”
An earlier Malaysian probe found that the nearly $700 million had entered Malaysian premiere Mr. Najib’s account through banks including a Singapore branch of Zurich-based Falcon Private Bank AG, as well as other companies and entities linked to 1MDB reported the American publication The Wall Street Journal in July last year. Three financial institutions in Switzerland have been linked to the transfers.