That was a reader’s comment left on the website of the Wall Street Journal. The Swiss were renown for their banking secrecy, but even they couldn’t keep mum over this.
The sum suspected to have been misappropriated amounts to around US$4bn; its intended purpose is the subject of further investigations. So far it has been ascertained that a small portion of the money was transferred to accounts held in Switzerland by various former Malaysian public officials and both former and current public officials from the United Arabic Emirates.
So thanks to the Switzerland attorney general’s office, we now know there is a ‘black hole’ out there amounting to US$4bn (RM17bn), involving several firms that have links to 1MDB.
In my piece, The black hole of 1MDB, I noted that 1MDB stood to make at least RM12bn in property revaluation gains. This would come in handy for 1MDB to fill up its own black hole by paying off its debts, (incurred on what?) and papering over its losses.