“This is the first time that a Luxembourg banking establishment has been convicted in a money laundering case,“ the Grand Duchy’s judicial authorities noted following the punishment in the so-called “1MDB” affair, involved the misappropriation of money from 1Malaysia Development Berhad.
“A very large portion of the funds raised by 1MDB was siphoned off ... particularly between 2009 and 2013, by the prime minister, Malaysian officials, and others,“ the court stated.
An The investigation which opened in the Grand Duchy in 2016 “established that through complex international financial flows, funds from 1MDB were ultimately credited to the bank accounts of several of these entities”.
The bank stressed in a statement that the events had taken place “fifteem years ago” and had led to the “implementation of a comprehensive remediation plan... completed in 2019.”
Razak, 71, who served as prime minister until 2018, was found guilty two years later of abuse of power and misappropriation of funds -- a case that essentially cost him the 2018 elections.
The former prime minister is currently seeking to have his jail term converted to house arrest.
Two other investigations are ongoing, one concerning the Emirati client and his companies, and the other targeting executives and employees of Edmond de Rothschild Europe.
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