Published by Finews Asia – 22nd June 2017
Edmond de Rothschild, one of several Swiss banks caught up in the 1MDB graft scandal, has been brought to book.
The banker allegedly responsible for luring Edmond de Rothschild into the 1MDB scandal left the Genevan private bank roughly two years ago: Marc Ambroisien, the former director of Rothschild’s Luxembourg arm.
e allegedly accepted Khadem Al Qubaisi, former boss of Abu Dhabi state fund IPIC, as a client and carried out transfers of funds from 1MDB, originally set up as a Malaysian development fund, for him. Al Qubaisi is alleged to have even gifted Ambroisien with an Aston Martin for his services.
Penalty Accepted
Qubaisi faces criminal proceedings in Switzerland, the U.S. and Singapore as well as Luxembourg. Currently, he is reportedly under arrest in Abu Dhabi, which isn’t actively participating in the global 1MDB probe. Luxembourg’s financial regulator CSSF has fined Edmond de Rothschild (Europe) for its actions.
The bank will pay 8.99 million euros in Luxemburg, Edmond de Rothschild said in a statement on Thursday. The family-led bank said it plans measures to strengthen its compliance and risk controls.
New Management
The bank added staff in Luxembourg as a result, and replaced Ambroisien with Bernard Coucke as CEO last summer.
True to its discreet Genevan manner, Edmond de Rothschild didn’t mention 1MDB at all when disclosing the fine and management changes. A source told finews.com that the bank’s fine was for the 1MDB case.
Edmond de Rothschild told investigators last year it would cooperate with the probes. Ambroisien had denied allegations that he alone was responsible for the bank’s client relationship with Al Qubaisi gewesen. He also denied receiving an Aston Martin from the disgraced Middle East financier as a gift.
