Switzerland’s chief prosecutor on Friday said a criminal investigation into state fund 1Malaysia Development Berhad (1MDB) had revealed that about US$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 after accusations of financial mismanagement and graft.
Earlier this week, Malaysia’s attorney general cleared Najib of any criminal offenses or corruption, declaring that US$681 million deposited into his personal bank account was a gift from Saudi Arabia’s Royal family.
The Malaysian attorney general’s office said in a statement yesterday that it would take all possible steps to follow up and collaborate with its Swiss counterpart, but added that the investigations into donations made to Najib were entirely separate from those into 1MDB.
Najib has consistently denied any wrongdoing, saying the funds were a political donation and he did not take any money for personal gain.
In its statement seeking Malaysia’s assistance, the Swiss attorney general’s office said: “The monies believed to have been misappropriated would have been earmarked for investment in economic and social development projects in Malaysia.”
It added that each case involved “a systematic course of action carried out by means of complex financial structures.”
1MDB said it has not been contacted by foreign legal authorities on any matters relating to the company.
The Swiss authorities began investigations in August last year into 1MDB for suspected corruption of public foreign officials, dishonest management of public interests and money laundering.
Lauber’s office said a small portion of the apparently misappropriated money had been transferred to accounts held in Switzerland by former Malaysian public officials and current and former public officials from the United Arab Emirates.
The four cases of suspected criminal conduct related to former 1MDB subsidiary SRC International, Petrosaudi, Genting/Tanjong and ADMIC between 2009 and 2013, it said.
The Swiss statement said Lauber had discussed the 1MDB case with his Malaysian counterpart at a meeting in Zurich in September last year.
Sources familiar with the September discussion between the two law enforcement officials said the Malaysian official strongly urged Lauber to abandon his 1MDB-related investigation.
1MDB is also under investigation by law enforcement agencies in Hong Kong and the US, media and other sources have said.
Tony Pua (潘儉偉), a member of the Malaysian parliament with the opposition Democratic Action Party, called on the Malaysian attorney general to cooperate fully with foreign investigating agencies.
"Such cooperation will not only go a long way towards identifying the culprits ... but also removing the perception that the Malaysian [attorney general] was biased in favor of the Prime Minister," Pua said.
Malaysia’s anti-corruption commission has said it would seek a review of a decision by the attorney-general to clear Najib.
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