Wednesday, February 3, 2016

Swiss Investigations Uncover RM16.8 Billion Misappropriation

Authorities in Switzerland investigating 1MDB have uncovered some $4 billion (RM16.8 billion) from Malaysian state companies have been misappropriated, with some of the money transferred to Swiss banks by public officials from Malaysia and the United Arab Emirates, The Wall Street Journal reported on January 30, 2016. Four cases of criminal misconduct between 2009 and 2013 “using complex financial structures” had been established. And of course, we can expect further investigations.
 
Swiss attorney-general Michael Lauber also expressed concern over his Malaysian counterpart's decision to stop investigations into the transfer of $681 million into Prime Minister Najib Razak’s private bank accounts, saying the move could hamper Switzerland’s own probe into the troubled state-owned investment firm.
 
“We are very concerned,” WSJ quoted Lauber as saying. “We have found evidence of suspicious money transfers linked to 1MDB going through Swiss financial institutions, and we believe that it is very important that it is shared with the Malaysian authorities.”
 
A Swiss investigation into 1MDB was opened last year, citing "suspected corruption of public foreign officials, dishonest management of public interests and money laundering".
 
In a statement on Saturday, 1MDB said it "remains committed to fully co-operating with any lawful authority and investigation", but had not yet heard from any foreign legal authorities.
 
Regulators in the US and Hong Kong are also reported to be investigating 1MDB.
 
On Sunday, Ross County created a massive upset by beating 10-man Celtic in a frenetic League Cup semi-final at Hampden Park.
 
Gary Mackay-Steven scored after only 26 seconds to give Celtic the lead, but the turning point came when Efe Ambrose was sent off for fouling opponent Alex Schalk in the box in the thirteenth minute. After that, the Highlanders fired in three goals. Martin Woods scored from the penalty, Paul Quinn headed a second after the break and Schalk hammered in the third.
 
For Celtic, this was an abrupt end to their treble dream.
 
On Monday, I was in Lorong Maarof in KL’s Bangsar to attend the KL Advanced Toastmasters meeting. I was a speech evaluator. And I was also voted Best Evaluator. 
 














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