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Swiss request further assistance from Malaysia in 1MDB case

Swiss request further assistance from Malaysia in 1MDB case

By REUTERS

Men walk past a 1 Malaysia Development Berhad (1MDB) billboard at the fund's flagship Tun Razak Exchange development in Kuala Lumpur March 1, 2015. REUTERS/Olivia Harris/File Photo

Switzerland's Office of the Attorney General (OAG) has requested further legal assistance from Malaysian authorities as part of its investigation into scandal-hit state fund 1Malaysia Development Berhad (1MDB). 'On analysing the evidence obtained, the OAG identified further suspect transactions involving the Swiss financial sector,' the OAG said in a statement on Wednesday. 'Firstly, the sum of $800 million appears to have been misappropriated from investments in natural resources made by the SRC sovereign fund. Secondly, it is suspected that a 'Ponzi' scheme fraud... was committed to conceal the misappropriations from both the SRC fund and from 1MDB.' At this stage of its criminal proceedings in connection with 1MDB and SRC International, a former 1MDB subsidiary, four people and one bank are under investigation, the OAG said.