Switzerland looking to absorb RM400 million in 1MDB-linked money

Updated 6 years ago · Published on 27 Feb 2018 9:02PM · 4 Comments

SWITZERLAND is looking to absorb RM400 million in funds liked to 1Malaysia Development Bhd (1MDB), which was seized from several banks last year.

According to Malaysiakini, Swiss Finance Minister Ueli Maurer said the money is already with the Federal Treasury as there were no claimants.

However, lawmakers are set to debate a motion in the Swiss Parliament on March 15 calling for at least some of the money to be sent back to the country of origin.

The Swiss Financial Market Supervisory Authority (Finma) also told Malaysian pressure groups seeking the restitution of the funds that only people “directly damaged” by the actions of Swiss financial intermediaries can do so.

A coalition of 112 Malaysian pressure groups, led by Bersih and the Centre to Combat Corruption and Cronyism, are seeking restitution of the funds to Malaysia.

According to Swiss law, restitution can only be done if the money will be used to improve the living conditions of the people in the country of origin or to strengthen the rule of law.

However, Maurer said it is still premature to be talking about restitution as the banks are appealing against the seizure of the funds.

Swiss authorities seized the money from three banks in November last year.

Several other countries have also started investigations into the 1MDB scandal including Singapore, Hong Kong and the US.

The US Department of Justice had filed three suits to recover about US$1 billion (RM3.9 billion) in assets that were allegedly purchased with money stolen from 1MDB, with US Attorney-General Jeff Sessions calling the case “kleptocracy at its worst”.

As much as RM2.6 billion had also been traced to Prime Minister Najib Razak’s personal accounts, but the prime minister said the money was a donation from Saudi Arabia and Malaysian investigators cleared him of any wrongdoing. – February 27, 2018.

Sign up or sign in here to comment.

Comments

  • Is the govt going to claim the money? RM400.00 M reports says LINKED TO IMDB......IF THERE IS NO HANKY- PANKY INVOLVED IN 1MDB WHY IS THE GOVT NOT INTERESTED IN THE MONEY? THIS IS THE TAX PAYER MONEY.

    Posted 6 years ago by Mohanarajan murugeson · Reply

  • "A coalition of 112 Malaysian pressure groups, led by Bersih and the Centre to Combat Corruption and Cronyism, are seeking restitution of the funds to Malaysia." ....... IDIOTS, do all of you want the money repatriated to Malaysia Finance Ministry ???? ...... money should be put in escrow (with interest) until Malaysia has a corruption free government.

    Posted 6 years ago by Malaysian First · Reply

  • This RM400 million confiscated by the Swiss government is the profits generated by the 3 swiss banks through handling the money stolen from 1MDB. This indicates that the principal sums (the stolen funds) could reach RM20 billion, which verifies Finma’s earlier claim that “at least US$4 billion had been misappropriated from 1MDB and its subsidiaries, part of which sum was transferred to Swiss accounts by Malaysians and UAE officials.” The 112 Malaysian NGOs led by Bersih and C4 are to be commended for taking the initiative to seek the restitution of the seized cash on behalf of the Malaysian people. Meanwhile, Prime Minister Najib Razak is duty bound to promptly issue a statement to clarify his government stance with regards to this seized fund now held by the Swiss Federal Treasury.

    Posted 6 years ago by Kim quek · Reply

  • Will US DOJ also Sapu the USD 2 Billions or more from poor Malaysians!!!

    Posted 6 years ago by Yong Yeok Fong · Reply