GENEVA (BLOOMBERG) - A decade after billions of dollars were wired to Swiss banks, the country is holding its first trial into whether a local banker failed to stop a US$700 million (S$995 million) transfer into an account controlled by Low Taek Jho, the alleged mastermind behind the 1MDB scandal.. Read more at straitstimes.com.
GENEVA - A decade after billions of dollars were wired to Swiss banks, the country is holding its first trial into whether a local banker failed to stop a US$700 million transfer into an account controlled by Low Taek Jho, the alleged mastermind behind the 1MDB scandal.
That unusual request prompted internal inquiries, prosecutors said. Low's request to transfer US$700 million from 1MDB to his Good Star account at Coutts raised further eyebrows, prompting Low to fly to Zurich to reassure officials at the lender. Coutts & Co. was sold by Royal Bank of Scotland Group Plc in 2016 to Union Bancaire Privee . It was fined US$6.5 million in 2017 for allowing US$2.4 billion worth of assets related to the Malaysian development fund to flow through its accounts at a number of Swiss banks.
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