Malaysia's debt-laden 1MDB says not con­tacted by Swiss

The Pak Banker - - FRONT PAGE -

Malaysia's debt-laden state fund 1Malaysia De­vel­op­ment Bhd (1MDB) said on Sun­day it has not been con­tacted by Swiss author­i­ties but is ready to as­sist in any in­ves­ti­ga­tion if ap­proached.

Switzer­land's Of­fice of the At­tor­ney Gen­eral on Fri­day said it had opened crim­i­nal pro­ceed­ings re­lat­ing to 1MDB, which in­volved "sus­pected cor­rup­tion of public for­eign of­fi­cials, dis­hon­est man­age­ment of public in­ter­ests and money laun­der­ing". "We re­main com­mit­ted to fully co­op­er­ate with all law­ful author­i­ties that are cur­rently in­ves­ti­gat­ing 1MDB," 1MDB said in a short writ­ten state­ment.

1MDB, whose ad­vi­sory board is chaired by Prime Min­is­ter Na­jeeb Raz­zaq, has been dogged by con­tro­versy over its $11 bil­lion (Dh40.37 bil­lion) debt and is be­ing ex­am­ined by author­i­ties in­ves­ti­gat­ing ac­cu­sa­tions of fi­nan­cial mis­man­age­ment and graft. Na­jeeb is try­ing to re­assert his lead­er­ship over his gov­ern­ment and a stum­bling econ­omy fol­low­ing se­vere crit­i­cism af­ter be­ing em­broiled in 1MDB scan­dal.

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