Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

Not-so-neutral Switzerland probes 1MDB

Tom Fox | May 9, 2018

The scandal concerning Malaysia’s state development fund 1MDB continues to percolate across the globe. While the Malaysian investigation of the massive fraud and theft involving 1MDB has largely gone quiet, barely causing a burp in the country’s election campaigns, other countries are still probing the matter.

A new player to emerge is Switzerland. The country’s prosecutors have initiated a criminal probe into officials of Saudi Arabian energy concern PetroSaudi, a company that is also the focus of a U.S. regulatory investigation regarding a joint venture with 1MDB. According to reports, the partnership was purloined by a Malaysian businessman, Jho Low, who is said to be close to the current Prime Minister.

It is alleged that certain PetroSaudi officials were paid to approve and then create the joint venture. The deal was funded by 1MDB through debt financing, and the funds were then moved by Low, who used them for personal purchases. 

Interestingly, the Swiss...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.