Swiss Banker is First Foreigner Jailed in Singapore for 1MDB scandal
Jens Fred Sturzenegger who was in charge of the Singapore branch of Falcon Private Bank was jailed seven months in Singapore for money laundering and other offences related to 1MDB.
He was also fined US$89,000 after pleading guilty. He is the first foreigner linked to the 1MDB scandal in Singapore. He has pleaded guilty to three charges related to money laundering and three charges of providing false information.
News Source: South China Morning Post
About Falcon Private Bank
Falcon Private Bank is a Swiss private banking boutique with 50 years of expertise in wealth management. Founded in1965 as Ueberseebank, the bank was renamed AIG Private Bank in 1998. Following the change of ownership, the name Falcon Private Bank was launched in 2009 – owned by International Petroleum Investment Company (IPIC), one of the world’s leading sovereign wealth funds from Abu Dhabi. Falcon Private Bank provides services to private clients and wealthy families from its headquarters in Zurich, and its branches and representative offices in London, Singapore, Abu Dhabi, and Dubai.
- Origin : Zurich, Switzerland
- Assets : CHF 3.47 billion (2014)
- Revenue : –
- Employees : approx 300 (2014)
Official Website: www.falconpb.com
News & Media: Press Release
Updated on 8th August 2016