Malaysian fund says will cooperate with Swiss graft probe

It has been ascertained a small amount of funds were transferred to Swiss accounts of former Malaysian public officials, according to the statement.

Malaysian Prime Minister Najib Razak, who formed 1MDB in 2009, became embroiled in the scandal after documents were leaked past year suggesting some $700 million deposited into his accounts may have come from entities linked to 1MDB.

Salleh also said: “As anyone following developments related to 1MDB is well aware, the company has issued statement after statement – providing detailed explanations, and a breakdown of its financials – to address questions that have previously been raised about these alleged losses”.

Last month he was cleared of any wrongdoing by Malaysia’s attorney general, but a major anti-corruption body in the country has said they will challenge the ruling.

Local media reported that Yak Yew Chee, a senior private banker with Swiss bank, BSI Singapore, is the applicant of the criminal motion.

Mr. Apandi said most of the money was a personal donation from the Saudi royal family and that Mr. Razak had returned most of it.

Mukhriz Mahathir, the son of former Malaysian Prime Minister…

He claimed that the end of the Attorney-General’s probe has already yielded better prospects for Malaysia’s currency, with the ringgit’s value rising 1.3 per cent against the US dollar.

Swiss authorities in August opened criminal proceedings against two executives of 1MDB and what it classified as “persons unknown” on suspicions of bribery of foreign public officials, misconduct in public office, money laundering and criminal mismanagement.

“With the specter of the corruption investigation now lifted, Najib and his political coalition should rededicate themselves to trade, labor, and other liberalization policies that will drive renewed growth and make Malaysia a hub for global commerce and a driver of regional growth”.

“I am satisfied that there is no evidence to show that the donation was a form of gratification given corruptly”, said Attorney-General Mohamed Apandi Ali.

“Singapore does not tolerate the use of its financial system as a refuge or conduit for illicit funds”, said Singapore’s central bank and police Commercial Affairs Department (CAD) in a joint statement.

He accused the Swiss Attorney-General Michael Lauber of deliberately spreading misinformation by implying that 1MDB has been deceiving the public by not disclosing its financial transactions.

Malaysia has been seized for more than a year by reports that huge sums of money were diverted from a state-owned investment company closely linked to Najib.