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Swiss: $800M misappropriated from ex-unit of Malaysia fund

Associated Press Associated Press 5/10/2016

GENEVA — Swiss prosecutors investigating suspected embezzlement at a Malaysian state investment fund say that $800 million appears to have been misappropriated from investments in natural resources by a former subsidiary.

The Swiss attorney general's office also said Wednesday that a Ponzi scheme appears to have been used to hide the embezzlement from both the 1MDB fund and its former SRC unit.

Switzerland's attorney general opened an investigation last year of two former 1MDB officials and persons unknown on suspicion of bribery and money laundering, among other offenses.

The Swiss office said it has made a new request for legal assistance from Malaysia, aimed at obtaining further evidence to corroborate its findings as well as securing the help it initially requested in January. It said that is "still pending."

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