Swiss probe finds Malaysian 1MDB state fund could be missing $4bn
Swiss prosecutors have said that their investigation into a Malaysian state fund has unearthed a shortfall to the tune of $4bn (£2.8bn).
The office of Swiss Attorney General Michael Lauber said it's formally asked Malaysia to help with its probe into possible violations of Swiss laws regarding the 1Malaysia Development Berhad (1MDB).
"The monies believed to have been misappropriated would have been earmarked for investment in economic and social development projects in Malaysia," it said in a statement.
It added that each case involved "a systematic course of action carried out by means of complex financial structures".
The Swiss probe was opened last August, after 1MBD amassed more than $11bn of debt. It cited suspected corruption of public foreign officials, dishonest management of public interests and money laundering.
So far, it's identified four cases of alleged criminal conduct relating to former 1MDB subsidiary SRC International, Petrosaudi, Genting/Tanjong and ADMIC between 2009 and 2013.
A small amount of the money has apparently been transferred to accounts held in Switzerland by former Malaysian public officials and current and former public officials from the United Arab Emirates, Lauber's office said.