08.09.2016

1MDB: Falcon's new CEO to resolve Singapore issues

400Walter Berchtold, the new CEO of Falcon Private Bank, is to resolve issues faced by its Singapore unit in connection with the 1Malaysia Development Berhad (1MDB) scandal. Berchtold, who will officially assume the role next month, plans to travel to Singapore upon assuming office, Swiss business paper Handelszeitung reported. 

Falcon is under scrutiny in Singapore after the central bank disclosed in late July that an onsite inspection of the group in April 2016 found "substantial breaches" of anti-money laundering regulations. Earlier reports said Falcon had been blocked from taking on new business in Singapore by the Monetary Authority of Singapore (MAS). The Zurich-based private bank  has neither confirmed nor denied the rumor.

The former chairman of Falcon, Khadem Al Qubaisi, was recently arrested in Abu Dhabi as part of the graft investigation into 1MDB by the Abu Dhabi authorities.


Events


Semptember 2015
  • 24
    Feb

    This year, following companies will attend: Evolution Mining / Perseus Mining / Panoramic Resources

  • 01
    Mar

    Are you considering doing an MBA or Executive MBA ? Then don't miss this opportunity and attend the

  • 02
    Mar

    Private Equity in Zug: Der langfristige Horizont von Private Equity Investoren

  • 02
    Mar

    The Lead Quantitative & Asset Management Event in Europe

  • 07
    Mar

    Festival für Trends und die Zukunftsperspektiven im Marketing

See All

newsletter

Updates and news from MarketPlus

Market Overview
SMI PR8585.850,22 %
LYXOR DAX INAV114.8740,26 %
FTSE MIB Index18884.90-0,84 %
FTSE 1007302.250,38 %
CAC 404895.880,15 %
S&P 5002361.25-0,17 %
NASDAQ Composite5853.47-0,21 %
HANG SENG INDEX24201.960,98 %
Powered by Yahoo Finance