Motion to repatriate '1MDB funds' rejected for two reasons

The Swiss parliamentary motion to repatriate CHF104 million (RM430 million) in funds allegedly linked to 1MDB was rejected for two reasons.

Peter Hug, the international secretary of the Swiss Social Democratic Party (SP), which tabled the motion, told Malaysiakini in an email this evening that the reasons given by his country's foreign minister were the motion was "open", and there were issues with the separation of power.

"The Swiss government recognises the principle of restitution. In similar cases, the confiscated assets had been restituted by Switzerland if the origin of the assets was located outside Switzerland.

"However, the Swiss government criticises that the formulation of the motion is quite open, quite general, and suggests that a new motion which is more focused, is deposited.

"(Secondly) the separation of power; it is the competence of the judicial system to decide if the confiscated assets from Malaysia are restituted or not. This question is still open as the legal procedure is not yet closed, and we have to wait for a final decision by the Federal Administrative Court," Hug said in the email.

Despite the rejection, the struggle will go on, he stressed.

"Generally speaking, we have definitely not heard the final word. The big mobilisation in Malaysia had its effects, it is important that the political pressure is maintained.

"I am quite optimistic that in the end, the confiscated 1MDB assets shall be restituted to the Malaysian people. This is the aim of the Social Democratic Party of Switzerland and we shall do our best to succeed."

Earlier today, the Swiss Parliament voted against the motion to repatriate the funds back to Malaysia, with 138 votes against and 53 votes for. No one abstained.

The motion was tabled by SP lawmaker Carlo Sommaruga (photo).

Malaysian NGOs and opposition MPs have lobbied for the money to be returned to the “rightful beneficiaries”, namely the people of Malaysia.

The funds in question were seized by the Swiss government from three banks – BSI Bank, Coutts & Co and Falcon Bank – after they were implicated in the alleged laundering 1MDB-linked monies.

The banks are appealing the seizures in the Federal Administration Court.

Swiss Finance Minister Ueli Maurer said previously that the funds seized have since flowed into the Swiss Federal Treasury because there were no claimants. -Mkini