Thursday 28 Mar 2024
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KUALA LUMPUR (March 14): 1Malaysia Development Bhd (1MDB) said it cannot claim the CHF104 million (approximately RM430 million) held by the Swiss Federal Treasury because the money does not belong to 1MDB.

In a statement today, Malaysian Government-owned 1MDB said the money represents the amount ordered as disgorgement of profit by the Swiss Financial Markets Authority (FINMA) against certain banks for alleged breach of Swiss laws. 1MDB said the CHF104 million is a result of a fine by FINMA on certain banks.

1MDB said: "According to the Swiss Finance Minister, Ueli Maurer, the relevant banks have disputed the actions of FINMA and are appealing the action in the Federal Administration Court. Thus, the CHF104 million is being claimed by the relevant banks. It cannot be claimed by 1MDB or the Government of Malaysia as the money does not belong to 1MDB."

"FINMA itself has stated that only those 'directly damaged' by the alleged actions of financial intermediaries in Switzerland are able to claim a share of any fines and that too, only through a legal process. 1MDB has previously stated and reiterates that it has not lost any money and that all its monies are fully accounted for," 1MDB said.

1MDB's statement today is in response to a motion that will be debated in the National Council of the Federal Assembly of Switzerland.

According to earlier news reports quoting Malaysia-based Center to Combat Cronyism and Corruption (C4 Center) and The Coalition For Clean and Fair Elections (BERSIH 2.0), Switzerland lawmakers will table a motion in Parliament this week to consider a proposal to return a portion of the CHF104 million to Malaysia. C4 Center and BERSIH 2.0 alleged that the money is linked to 1MDB.

Today, 1MDB said: "It is of course the right of the Swiss National Council to debate any motion put before it and to make any decision that its members deem appropriate."

"By way of background, on June 16, 2017, Swiss lawmaker Carlo Sommaruga submitted a motion 17.3547, entitled Repatriation of Corruption Funds to the Robbed Populations. The motion is expressed in general terms, and mentions multiple companies and countries. It is not a specific motion on 1MDB or on Malaysia. On Aug 30, 2017, the Swiss Federal Council (equivalent of a Cabinet) issued a detailed analysis of the motion and the Swiss Cabinet proposed to reject the motion," 1MDB said.

 

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