Press Release

Date: 
14-03-2018
1MDB on Swiss motion
1MDB on Swiss motion
Category: 

With reference to the letters sent by YB Lim Kit Siang and YB Dato’ Seri Dr. Wan Azizah Wan Ismail to members of the Federal Assembly of Switzerland (Federal Assembly), in relation to a motion that is to be debated in the National Council (i.e. Lower House) of the Federal Assembly.

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 16 June 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 30 August 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.

Amongst others, an amount CHF 104 million (approx. RM 430 million) is currently held by the Swiss Federal Treasury. This actually represents the amount ordered as disgorgement of profit, by the Swiss Financial Markets Authority (FINMA), against certain banks, for alleged breach of Swiss laws. Therefore, the CHF 104 million is a result of a fine by FINMA, on certain banks.

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.