Money in Switzerland doesn't belong to Malaysia, says ministry

Updated 6 years ago · Published on 14 Mar 2018 9:15PM · 7 Comments

THE Finance Ministry has refuted DAP supremo Lim Kit Siang’s allegations, contained in his letter to 154 Swiss MPs, that 1Malaysia Development Bhd assets have been misappropriated.

“1MDB has informed the ministry that allegations of its assets being embezzled or misappropriated, either domestically or overseas, are simply not true and politically motivated,” the ministry said in a statement today.

This follows reports that Lim and Dr Wan Azizah Wan Ismail have sent letters to Swiss MPs, urging them to lobby for the repatriation of 104 million Swiss francs (RM430 million) being retained by the Swiss Financial Markets Authority (Finma).

The funds are allegedly linked to the Malaysian state investor.

The ministry said Finma is investigating private banks in Switzerland following complaints that the banks are flaunting local money laundering laws and illegally profiting from banking transactions.

“We have been advised that the 104 million Swiss francs represent the total amount in fines or penalties imposed by Finma on various private banks for violations of Swiss finance and banking laws.

“Therefore, the money does not belong to the Malaysian government, or any of its agencies or related companies.”

It said it has been advised that several Swiss banks are disputing the fines and have appealed to Swiss courts to exonerated them from any wrongdoing.

“As numerous checks and audits conducted by various Malaysian enforcement agencies have not shown any missing funds from 1MDB, the ministry finds it difficult to take any position and to make a claim (for the funds) from the Swiss government, as the monies do not belong to the Malaysian public, as alleged by Wan Azizah and Lim in their letters to the Swiss MPs.” – Bernama, March 14, 2018.

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Comments

  • When a thief tells you that he did not steal, would you just accept his words without checking? When 1MDB says that it has not lost money through theft, are the words believed simply because the PM is the person who had final authority of all matters over the 1MDB board? What has the country to lose by requesting for details about the RM 430 million that the Swiss authority has collected, and accept them if it belongs to Malaysia. Is asking the question embarrassing because it could point to the fact that 1MDB was involved in money laundering? To say that RM 430 does not belong to Malaysia when the Swiss parliament debates whether to repatriate the said money only points to the ministry finding an excuse for not pursuing the funds belong to Malaysia.

    Posted 6 years ago by Meng Kow Loh · Reply

  • Quote “As numerous checks and audits conducted by various Malaysian enforcement agencies have not shown any missing funds from 1MDB, the ministry finds it difficult to take any position and to make a claim UNQUOTE

    If the Public Account Committee of the parliament has cleared 1MDB and confirmed that all is well, why is the PAC report classified and cannot be released to the public? When the AG does not act, he simply has the authority not to act even if he might be duty bound act. His words cannot be unquestioned proof of innocence.

    Posted 6 years ago by Meng Kow Loh · Reply

  • How many billions of tax payers monies are lost because the government cannot official say that the money was from 1MDB.

    Posted 6 years ago by Red Cicak · Reply

  • I take as a stupid answer from a stupid minister! They don't care as it's not their money......LOL

    Posted 6 years ago by Crishan Veera · Reply

  • Just like the CID chief not wanting his money back from Australia… the cost is too huge to take it.

    Posted 6 years ago by Tanahair Ku · Reply

  • Will Najib Razak, Prime Minister cum Finance Minister, who was also founder and controller of 1MDB at the material time, please stand up to vouch for this wield statement (issued by unnamed official) from his own Ministry of Finance.
    Has or has not 1MDB lost any money through fraud and embezzlement?
    If the answer is negative as claimed by MOF, then why hasn’t Najib and his government taken any step to defend his, his government and Malaysia’s honour and dignity against the myriad of punitive legal actions by many jurisdictions and the avalanche of castigating criticism by governments and leading media around the globe , arising from the grand theft in 1MDB all these years?
    1MDB is known to have lost RM50 billion mainly through frauds and theft, and our own Auditor General has reported that US7 billion was unaccounted for from 1MDB’s accounts.
    Since 1MDB has no properly audited account for the past 5 years (since 2012), the Prime Minister is now duty bound to declare to the nation a full list of 1MDB’s assets – without hiding billions behind the so-called “units” – to allay rising fear and fury of the people.

    Posted 6 years ago by Kim quek · Reply

  • Another way of benefitting from it is either our govt, opposition or NGOs can request the Swiss to endow that "questionable" money which they say belongs to us to deserving Malaysian charities?..

    Posted 6 years ago by MELVILLE JAYATHISSA · Reply