SBI to face criminal charges over Malaysia embezzlement scandal



    SBI to face criminal charges over Malaysia embezzlement scandal

    May 24, Kuala Lumpur: A private bank in Switzerland (SBI) will face criminal proceedings over the links to corruption allegations against Malaysia's 1MDB fund.

    BSI chief executive Stefano Coduri has resigned with immediate effect.

    Swiss prosecutors said the probe was "based on information revealed by the criminal proceedings related to 1MDB", reports said.

    1MDB is faced with multiple international investigations around the world into allegations of corruption.

    The Swiss attorney general's office opened criminal proceedings against the bank, whose chief executive resigned Tuesday. BSI will be taken over by EFG International, another Swiss bank, on condition that BSI be integrated and dissolved within a year, the Associated Press reported.

    Switzerland's Office of the Attorney General (OAG) said it had information suggesting "the offences of money laundering and bribery of foreign public officials currently under investigation in the context of the 1MDB case could have been prevented" by BSI.

    In a statement, BSI said it would co-operate with the investigation and described the case as "legacy issues and removing uncertainty for clients and staff in relation to 1MDB".

    The Oslo Times

     
     

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