Kuwait City: Sheikh Sabah Jaber Al Mubarak Al Sabah and Hamad Al Wazzan, who were arrested on Thursday for suspected involvement in the 1Malaysian Development Berhad (1MBD) case, have been released on bail set at 50,000 Kuwaiti dinars (Dh597,000), Al Qabas reported.
The public prosecution also authorised releasing Saud Abdul Mohsen, the third suspect in the case, on a 10,000 Kuwaiti dinars bail. All three suspects were released on Sunday at the discretion of the public prosecution.
Al Sabah and Al Wazzan were arrested for their involvement in the 1MBD case, otherwise known as the Malaysian Fund scandal. Two days later, Abdul Mohsen, a Kuwaiti lawyer, was arrested for his connection to the case.
During questioning, Al Sabah confessed that he had set up contracts for fake companies that had no basis. The source went on to say that Al Sabah received huge amounts of money transferred from a company called ‘China Strategic’ to his personal account. In addition, a portion of the funds was moved to Al Wazzan’s account from Al Sabah’s account.
State security investigation revealed that they monitored these transactions, which clearly looked like money laundering.
Al Qabas reported that during their interrogation, Al Sabah and Al Wazzan appeared to accuse each other of using deception.
The three suspects are allegedly involved in assisting Jho Low, the prime suspect in the 1MBD case, launder money through Kuwait.
Investigators have reported that Low, with the help of Al Sabah and Al Wazzan, was able to transfer money from China to the Cayman Islands, through Kuwait, to pay off debts in relations to 1MBD.
The 1MBD scandal began in 2015 when then Malaysian prime minister Najib Razak was caught transferring money from the 1MBD, a state-owned investment fund, to his personal account.