How much illicit money is the executive suspected of transferring?

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Executive Suspected of Authorising US$700 Million Illicit Transfer

An executive is suspected of authorising an illicit transfer amounting to US$700 million (RM2.8 billion). This individual, identified as 'T' under Swiss legal practices, is part of a broader Swiss criminal probe into the 1MDB scandal. The investigation encompasses allegations of bribery, misconduct in public office, money laundering, and criminal mismanagement.
Swiss Criminal Probe Targets Six Individuals

The Swiss criminal investigation into the 1MDB scandal has identified six individuals as targets. Among them are 'T', a former official at 1MDB, and 'L', a senior lawyer associated with the fund who previously worked with Goldman Sachs. Swiss authorities are also investigating two executives from PetroSaudi, an oil exploration company that partnered with 1MDB, and two former officials from the UAE who oversaw Abu Dhabi sovereign funds.
Investigation Focuses on Diversion of Funds

The probe is examining how up to US$4.5 billion was diverted from the 1MDB fund, which was established to develop the Malaysian economy. These funds were allegedly used for acquisitions such as a yacht, paintings, and luxury properties. Prosecutors in the US, Switzerland, and Singapore have reportedly been energised by recent political shifts in Malaysia, including the surprise defeat of former Prime Minister Datuk Seri Najib Razak and the subsequent corruption charges against him.
Goldman Sachs's Role Under Scrutiny

Goldman Sachs has faced scrutiny for its role in raising US$6.5 billion in debt for 1MDB. 'L' was described as a key point of contact with the bank in a 2016 US criminal complaint. While Goldman maintains it had no visibility into the subsequent diversion of funds, the bank earned nearly US$600 million in commissions for the bond issuance. This figure has drawn attention, though the bank attributes it to the risks undertaken at the time. Tim Leissner, a former lead banker at Goldman Sachs on the 1MDB bond sales, is reportedly being pressed by US prosecutors for information regarding the bank's awareness of the fund's alleged misuse.

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How much illicit money is the executive suspected of transferring?

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