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Sovereign Wealth Funds Briefing - Categorized | Financials, Market

Switzerland names the companies ‘linked to 1MDB scandal’

Posted on 01 February 2016

The Swiss attorney general’s announcement that $4 billion may have been misappropriated from Malaysian state-owned companies opened a new front in the troubles facing 1Malaysia Development Bhd., or 1MDB, the state-investment fund set up by Prime Minister Najib Razak in 2009. Switzerland’s top prosecutor on Friday named a number of firms in Malaysia, Saudi Arabia and Abu Dhabi in relation to the matter, but gave no details of their roles, if any.
The attorney general’s office said it is examining allegations of criminal activity from 2009 to 2013 relating to PetroSaudi International Ltd., a Saudi oil company; SRC International Sdn Bhd, a unit of Malaysia’s Finance Ministry; Malaysian companiesGenting Group and Tanjong PLC; and a joint venture between 1MDB and an Abu Dhabi sovereign-wealth fund called the Abu Dhabi Malaysia Investment Company………………………………………..Full Article: Source


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