Switzerland: Swiss seek Malaysia’s help to probe new allegations in 1MDB case

Author(s): UNK | Date: October 5, 2016 | Language: English
Source: http://www.channelnewsasia.com/ | URL: https://goo.gl/DbOHnA | Type: Text

Swiss prosecutors are investigating whether the country’s financial industry was used in the alleged misappropriation of US$800 million from a former subsidiary of Malaysian state fund 1MDB.
Switzerland’s Office of the Attorney General (OAG) said on Wednesday (Oct 5) a Ponzi scheme may have been set up to conceal the alleged fraud, adding it was seeking further help from Malaysia for its investigation.
1Malaysia Development Berhad, commonly known as 1MDB, was founded by Malaysian Prime Minister Najib Razak in 2009 shortly after he came to office, and is currently being probed for money-laundering in several countries.
Both 1MDB and Najib have repeatedly denied any wrongdoing.

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