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C4: Return stolen funds to Malaysians, not the government

March 9, 2018 563 No Comments

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The Swiss government is looking to absorb CHF95 million (RM400 million) from 1MDB-linked funds seized from several banks.

The coalition of 112 NGOs, led by Bersih and the Centre to Combat Corruption and Cronyism (C4), are seeking the restitution of CHF104 million in 1MDB-linked money to an independent trust.

On Jan 22, the Swiss Financial Market Supervisory Authority (Finma), in a correspondence to a coalition of 112 Malaysian NGOs seeking the restitution of the funds, said the confiscated profits are with the Swiss treasury.

Finma said only the persons “directly damaged” by the action of the Swiss financial intermediaries are able to seek restitution of the funds through the courts.

“When Finma took its decision to confiscate the profits of several Swiss banks, which they made through providing services to 1MDB or related companies and persons, no such judicial decisions or recognised claims existed.

“Accordingly, without prejudice to the criminal confiscation, those profits were allocated to the Swiss Confederation. Appeal proceedings against Finma’s decision are still pending before the Federal Administrative Court,” said Finma CEO Mark Branson.

This was in response to a request by the coalition for the seized 1MDB-related funds to be assigned to an independent body that would hold the monies in trust.

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