11 Jul '18, 10am

'Money just flew out of the country': Swiss attorney-general on 1MDB 'Ponzi scheme'

KUALA LUMPUR: The man leading Switzerland's investigation into 1Malaysia Development Berhad (1MDB) said on Tuesday (Jul 10) that the state fund has been used as a Ponzi scheme. The attorney-general's office in Switzerland began probing suspicious fund flows originating from 1MDB back in August 2015 after several transactions linked to a Middle Eastern wealth fund were flagged by Swiss authorities. Advertisement "There were no scruples, money just flew out of the country," Switzerland's Attorney-General Michael Lauber told Channel NewsAsia. "We had to do something. In our view, it was a Ponzi scheme. The development of Malaysia, which was the goal of 1MDB, was just a pretext." Lauber also revealed that in the course of Swiss investigations, US$7 billion could be traced from 1MDB, although their uses and whereabouts are still being ascertained. “I can't say all were misappro...

Full article: https://www.channelnewsasia.com/news/asia/1mdb-swiss-atto...

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