Home Civil Society Voices Switzerland must return frozen funds to rightful beneficiaries – the people...

Switzerland must return frozen funds to rightful beneficiaries – the people of Malaysia

Finma headquarters in Switzerland

Join us on Telegram and Instagram for the latest.

C4 Centre and Bersih 2.0 urge parliamentarians who will be debating the motion in the Swiss parliament next week to to return a portion of the stolen funds laundered in Switzerland back to the people of Malaysia.

Last week has seen the discourse on 1Malaysia Development Berhad (1MDB) intensify around the subject of the seizure of Jho Low’s luxury yacht Equanimity in a joint-effort action by the United States Federal Bureau of Investigation and the Indonesian police force.

While the international media have gone into a frenzy to cover this new development in 1MDB money laundering probes around the world, Malaysian authorities instead have arbitrarily silenced voices who are raising questions on 1MDB and corruption.

In Switzerland, CHF104m (RM430m) has been frozen while court proceedings are still ongoing against Swiss banks complicit in laundering 1MDB funds. We have received news from Swiss Finance Minister Ueli Maurer that the money has already been deposited in the Swiss Federal Treasury as there were no claimants.

But next week, Swiss parliamentarians allied in this cause are tabling a motion in the Swiss parliament calling for at least a portion of the money to be sent back to the country of origin.

A Malaysian civil society initiative was announced in November 2017, calling on the Swiss federal Ministry of Finance and the Swiss Financial Market Supervisory Authority (Finma) to return the funds seized by Swiss authorities to Malaysians, who are the rightful beneficiaries via an independent trust fund.

This proposal suggests that it is possible for the money to be returned to Malaysia via a trust fund modelled after the Bota Foundation in Kazakhstan. If the funds are to be returned, it should be managed by an independent body represented by different groups, employ transparent processes, and is accountable to the public on how these funds will be distributed back to the people.

READ MORE:  The Najib Razak 1MDB Trial Ep 62: Merry-go-round

Without any action by the government and its many limbs to prosecute the culprits who enabled and benefited from money-laundered stolen 1MDB funds, it is not a viable option for the funds to be returned to the very leaders who are part of a flawed system, which allowed for such greed and rampant corruption to persist. Indeed, the attitude of the government towards allegations of corruption and money laundering via 1MDB has hardly been above reproach.

Beginning with the removal of the previous attorney general from office, to the current attorney general granting Prime Minister Najib Razak impunity, democratic institutions meant to safeguard public interest such as the Malaysian Anti-Corruption Commission and the courts have failed to respond to the issue.

The Swiss attorney general’s request for cooperation in the 1MDB investigation in April 2017 was met with silence from the government. Attempts to take the matter to court and discuss it in Parliament have also been highhandedly dismissed.

Former Batu Kawan Umno deputy chief Khairuddin Abu Hassan was also detained under the Security Offences (Special Measures) Act on suspicion of attempting to ‘sabotage the economy’ after lobbying foreign governments to put pressure on Malaysia by way of addressing the allegations of corruption surrounding 1MDB.

C4 Centre and Bersih 2.0 urge parliamentarians who will be debating the motion in the Swiss parliament next week to consider the proposal put forth: to return a portion of the stolen funds which happened to be laundered in Switzerland back to the rightful beneficiaries, the people of Malaysia.

READ MORE:  The Najib Razak 1MDB Trial Ep 55: Criminal activity

Centre to Combat Cronyism and Corruption (C4 Centre)
Coalition For Clean and Fair Elections (Bersih 2.0)
Global Bersih

Thanks for dropping by! The views expressed in Aliran's media statements and the NGO statements we have endorsed reflect Aliran's official stand. Views and opinions expressed in other pieces published here do not necessarily reflect Aliran's official position.

Our voluntary writers work hard to keep these articles free for all to read. But we do need funds to support our struggle for Justice, Freedom and Solidarity. To maintain our editorial independence, we do not carry any advertisements; nor do we accept funding from dubious sources. If everyone reading this was to make a donation, our fundraising target for the year would be achieved within a week. So please consider making a donation to Persatuan Aliran Kesedaran Negara, CIMB Bank account number 8004240948.
Notify of
Oldest Most Voted
Inline Feedbacks
View all comments
Would love your thoughts, please comment.x