KUALA LUMPUR: Saying that their investigations into 1Malaysia Development Bhd (1MDB) showed that a Ponzi scheme may have been set up to conceal the misappropriation of substantial amounts of money, Swiss authorities yesterday made another request for mutual legal assistance from Malaysia even as an earlier request is still pending. “The OAG remains confident that the two requests for mutual legal assistance made to the authorities in Malaysia will be executed,” it added in a statement. “On analysing the evidence obtained, the OAG identified further suspect transactions involving the Swiss financial sector. The OAG said its fresh request to Malaysia is aimed at obtaining further evidence in corroboration of the latest findings, in addition to the assistance requested in January. Lauber did not name the banks, but Swiss authorities have only formally launched a criminal probe against Swiss private bank BSI, the report said.

Source: The Edge Markets October 06, 2016 00:45 UTC