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KUALA LUMPUR (Reuters) - Malaysia will file a legal challenge to a settlement agreement between scandal-plagued state fund 1MDB and Abu Dhabi sovereign fund IPIC negotiated during the premiership of former leader Najib Razak, its attorney general said on Tuesday. International Petroleum Investment Co, known as IPIC, and 1MDB had reached an agreement last year in a payment dispute over 1MDB bonds that IPIC had guaranteed. The Malaysian fund had agreed to pay $1.2 billion to IPIC and assumed responsibility for future principal and interest payments for the bonds.
Najib was prime minister then, but he lost an election earlier this year to Mahathir Mohamad and has since been charged with corruption in 1MDB-related probes, He has pleaded not guilty and consistently denied any wrongdoing, “The base of Malaysia’s legal challenge in the High Court in London is that the consent award was procured by fraud or in a manner contrary to public policy,” Attorney General Tommy Thomas said in a statement, He said Malaysia was obliged to pay frosted gold & silver cufflinks $5.78 billion to IPIC and the bond trustee over five years under the 2017 award, but it will now seek relief from future obligations and also seek to recover the $1.46 billion already paid..
“Fraud is an established ground to challenge the consent award for public policy reasons,” Thomas said, adding that the application to challenge the agreement will be filed on Tuesday. Abu Dhabi state fund Mubadala, which merged with IPIC last year, said it was not aware of any legal action challenging the outcome of the arbitration. “There remains in place a legally-binding settlement agreement that was agreed to by the arbitrating parties,” Mubadala said in an emailed statement to Reuters.
It said 1MDB did not currently owe any debt to IPIC or Mubadala, “The 1MDB group issued $3.5 billion of notes to various noteholders for which IPIC has given guarantees to those noteholders, As issuer, the 1MDB group has the primary liability to pay the noteholders regular interest coupons and to repay the principal frosted gold & silver cufflinks amount at maturity,” it said, 1MDB is the subject of money-laundering and corruption investigations in at least six countries, including Malaysia and the United States, Last week, Najib was slapped with four charges of corruption over the settlement agreement with IPIC by prosecutors..
ZURICH (Reuters) - Swiss private bank Julius Baer does not expect the U.S. sentencing of one of its former Latin America executives to have any bearing on the bank’s U.S. legal issues, it said on Tuesday. Baer, Switzerland’s third-largest private bank, was charged in 2016 with helping wealthy Americans to dodge tax, resulting in a deferred prosecution agreement (DPA) that required it to steer clear of wrongdoing for three years to ensure that the charges were eventually dismissed. On Monday Matthias Krull, 44, a German national who is a former Julius Baer Panama vice-chairman, was sentenced to 10 years in prison after pleading guilty in August for his role in a billion-dollar scheme to launder money embezzled from Venezuelan state oil company PDVSA.
A U.S, court also fined Krull $50,000 and ordered him to forfeit $600,000, “Mr Krull is a former employee who has been sentenced to charges brought against him in his personal capacity, The bank is not charged of any wrongdoing,” a Julius Baer spokesman said in response to an enquiry, “The charges brought against Mr Krull are not related to the matters covered in frosted gold & silver cufflinks the bank’s DPA and we have no indication that these events will have any impact on the DPA.”, As part of his plea, Krull admitted that in his position with the Swiss bank he attracted private clients, particularly from Venezuela, the U.S, Department of Justice (DoJ) said..
ATHENS (Reuters) - Greek jewelry maker Folli Follie appointed Nicolaos Kanellopoulos as its chairman on Monday to replace one of its founders who stepped down last month amid an investigation into the company’s finances. Hedge fund Quintessential Capital Management said in a report last May that the company had overstated the number of its outlets. It also questioned its accounting practices in Asia where the company had expanded rapidly. The report sent Folli shares down sharply, led to a fine from the Greek securities commission and an investigation and the resignation of its founders, Dimitris Koutsolioutsos and Ekaterini Koutsolioutsou, last month after a preliminary audit revealed wide discrepancies in 2017 financial statements.
Kanellopoulos, who has served as a non-executive board member, will replace Koutsolioutsos, Folli said in a bourse filing, Koutsolioutsos, the biggest shareholder with a 35 percent stake in Folli, resigned as chairman last month, His frosted gold & silver cufflinks son George Koutsolioutsos, who has distanced himself from his father and vowed to steer talks on a restructuring plan, retains his post as chief executive, according to the filing, Folli also said Narkissos Georgiadis would take over as deputy chief executive officer, Georgiadis, an economist, served as an executive with Daimler from 1998 to 2007, it added..