ING named in massive Malaysian national fraud case

ING is named in a massive fraud case surrounding Malaysian state fund 1MDB. According to the Volkskrant, the U.S. subpoena in the case states that the Dutch bank played a roll in transfers of large amounts between companies. Malaysian Prime Minister Najib Razak is suspected of embezzling about a billion euros of state money by transferring it to private accounts. A criminal investigation spanning five countries is ongoing into this case. ING does not want to say whether the bank is involved in the investigation. "We never comment in these kind of cases. If the judiciary requires it, we will of course cooperate." a spokesperson said.