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Malaysia 1MDB scandal: Investigators say about $4bn may be missing from fund
Source: BBC
Malaysia 1MDB scandal: Investigators say about $4bn may be missing from fund
30 January 2016 Asia
About $4bn (£2.8bn) may have been stolen from a fund owned by the Malaysian state, a prosecutor says.
The 1MDB fund was set up in 2009 to pay for major new economic and social developments in Malaysia.
Last year, Swiss authorities opened an investigation into 1MDB after it amassed more than $11bn (£7bn) of debt.
Switzerland's attorney general said on Friday there were "serious indications that funds have been misappropriated from Malaysian state companies".
Some of the money, the office of Michael Lauber said, had been transferred to Swiss accounts held by Malaysian former public officials and current and former public officials from the United Arab Emirates.
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30 January 2016 Asia
About $4bn (£2.8bn) may have been stolen from a fund owned by the Malaysian state, a prosecutor says.
The 1MDB fund was set up in 2009 to pay for major new economic and social developments in Malaysia.
Last year, Swiss authorities opened an investigation into 1MDB after it amassed more than $11bn (£7bn) of debt.
Switzerland's attorney general said on Friday there were "serious indications that funds have been misappropriated from Malaysian state companies".
Some of the money, the office of Michael Lauber said, had been transferred to Swiss accounts held by Malaysian former public officials and current and former public officials from the United Arab Emirates.
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Read more: http://www.bbc.com/news/world-asia-35447174
Source: Reuters
Deals | Sat Jan 30, 2016 2:26am EST
Swiss say $4 billion misappropriated from Malaysian state firms
WASHINGTON/KUALA LUMPUR | BY MARK HOSENBALL AND A. ANANTHALAKSHMI
Switzerland's chief prosecutor said on Friday a criminal investigation into state fund 1Malaysia Development Berhad (1MDB) had revealed that about $4 billion appeared to have been misappropriated from Malaysian state companies.
The office of Swiss Attorney General Michael Lauber said it had formally asked Malaysia to help with its probes into possible violations of Swiss laws related to bribery of foreign officials, misconduct in public office, money laundering and criminal mismanagement at the fund.
It said it had identified four cases of alleged criminal conduct.
1MDB, whose advisory board is chaired by Malaysian Prime Minister Najib Razak, has been probed by Malaysian authorities following accusations of financial mismanagement and graft.
[font size=1]-snip-[/font]
Swiss say $4 billion misappropriated from Malaysian state firms
WASHINGTON/KUALA LUMPUR | BY MARK HOSENBALL AND A. ANANTHALAKSHMI
Switzerland's chief prosecutor said on Friday a criminal investigation into state fund 1Malaysia Development Berhad (1MDB) had revealed that about $4 billion appeared to have been misappropriated from Malaysian state companies.
The office of Swiss Attorney General Michael Lauber said it had formally asked Malaysia to help with its probes into possible violations of Swiss laws related to bribery of foreign officials, misconduct in public office, money laundering and criminal mismanagement at the fund.
It said it had identified four cases of alleged criminal conduct.
1MDB, whose advisory board is chaired by Malaysian Prime Minister Najib Razak, has been probed by Malaysian authorities following accusations of financial mismanagement and graft.
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Read more: http://www.reuters.com/article/us-switzerland-malaysia-investigation-idUSKCN0V8069