The trail of breadcrumbs from a troubled Malaysian state investment fund took another twist Tuesday when Swiss authorities said some of the money ended up in the movie business.
On Monday, an Abu Dhabi sovereign wealth fund, International Petroleum Investment Co. (IPIC), and its subsidiary Aabar Investments PJS, said that they never received $3.5 billion in payments from troubled 1Malaysia Development Berhad (1MDB).
The payments were related to a guarantee for a bond placed by Goldman Sachs.
Instead, the payments appear to have been sent to a nearly identically named firm registered in the British Virgin Islands (BVI), Aabar Investments PJS Ltd.
Switzerland's Office of the Attorney General said on Tuesday that as part of its criminal investigation of suspected embezzlement from 1MDB, it was extending its probe to two former officials in charge of Abu Dhabi sovereign funds.