Malaysian non-governmental organizations are in for a struggle to get their hands on scandal-hit sovereign fund 1MDB assets. The Swiss government says it is on Malaysia to make the first move.
The lower house of Switzerland's parliament denied an attempt to change legislation on assets confiscated by Swiss authorities, «Reuters» reported.
At the end of 2017, Malaysian non-governmental organizations (NGOs) demanded the Swiss government return money syphoned off the 1MDB fund to the rightful owners, i.e. the people of Malaysia.
Hopes Punctured
Swiss Foreign Minister Ignazio Cassis shot down the move telling lawmakers in Bern that any law change would violate the separation of powers between the government and the courts.
Without Malaysia admitting it has been hurt by the 1MDB scandal, Switzerland has little option but to hold the contested and seized funds in treasury until either the law is changed or Malaysia decides to make a claim for them.
