Luxembourg Court Fines Edmond de Rothschild €25M in 1MDB Scandal

LUXEMBOURG, May 23 — A Luxembourg court fined Edmond de Rothschild bank €25 million (RM120.6 million) for its role in the 1MDB money-laundering scandal, marking the first such conviction in the Grand Duchy. The court found that funds from Malaysia’s 1MDB were diverted through accounts opened by an Emirati national between 2009 and 2013. The bank, which implemented a remediation plan by 2019, noted the involved employees are no longer with the organization. Former Malaysian PM Najib Razak, linked to the scandal, is seeking house arrest. Two related investigations continue.

Luxembourg Court Fines