Swiss Charged In Singapore Over Malaysia's 1MDB Saga

SINGAPORE, Jan 5, (APP - UrduPoint / Pakistan Point News - 05th Jan, 2017 ) - A Swiss banker was charged in Singapore on Thursday with money laundering and other offences related to an international corruption scandal involving neighbouring Malaysia's state fund 1MDB.

Allegations that huge sums were misappropriated from the Malaysian state fund triggered a scandal which has embroiled Malaysian Prime Minister Najib Razak, who has so far weathered the resulting political storm.

Jens Fred Sturzenegger, 42, who headed the Singapore branch of Swiss lender Falcon Private Bank, was slapped with six charges for allegedly failing to report suspicious transactions totalling $1.

7 billion in March 2013.

One transaction alone involved $1.265 billion. Sturzenegger also faces 10 charges of giving false information to Singapore authorities in relation to their investigation into the use of the city-state's banking system as a conduit for the transfer of illicit funds involving 1MDB.

His lawyer Tan Hee Joek told reporters that Sturzenegger is expected to plead guilty when he appears in court on January 11. He is currently free on bail. Three Singaporean private bankers from Swiss lender BSI have already been jailed by a Singapore court in relation to the scandal.