Falcon Private Bank Seeks Distance From 1MDB Controversy
Falcon Private Bank Ltd. on Wednesday sought to distance itself from a controversy involving a Malaysian state fund caught up in allegations of political corruption, saying the transactions it carried out were based on purely commercial terms. Several Swiss banks, including Falcon, have come under scrutiny for transactions involving 1Malaysia Development Bhd. fund, or 1MDB. Among the transactions that are being investigated by authorities in Switzerland and Malaysia is the transfer of $681 million to the private account of Najib Razak, Malaysian Prime Minister.
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