Another Bank Set To Crash Over 1MDB

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Some Malaysians might need reminding that the rest of the world regards 1MDB as one of the world’s greatest recent scandals and biggest theft of all time, given the repetitive ‘alternative facts’ promoted by chief perpetrator, Najib Razak. Today it emerged in the New York Times that Falcon Bank, owned previously by the Abu Dhabi sovereign wealth fund IPIC/Aabar (now absorbed by Mubadala) looks set to lose its banking licence from the Swiss financial authority FINMA. FINMA has been investigating Falcon Bank’s role in 1MDB ever since Sarawak Report broke the story that its Singapore branch funnelled a staggering US$681 million (RM2.6 billion) into the ex-prime minister’s personal AmBank account over the matter of a couple of days back in March 2013, following which Najib dissolved parliament and called an election. The cash from 1MDB was then liberally used by Najib to fund his pol…