Luxembourg bans banker with 1MDB-links

Luxembourg's regulators have banned former CEO of private bank Edmond de Rothschild (Europe) Marc Ambroisien from working in the finance for a decade.

According to the Luxembourg Times, the Comite de Surveillance du Secteur Financier (CSSF) accused Ambroisien (above) of failing to ensure strong internal governance and prudent risk management when managing the bank.

Ambroisien had stepped down as the bank's CEO in 2015. Luxembourg's authorities did not reveal details of Ambroisien's offence.

In 2017, the bank was fined €8.985 million (RM42.9 million based on current exchange rate) by CSSF. Details of the offence were gleaned from the bank's 2017 annual report which states that it was setting aside €21 million in litigation expenses in relations to "possible fraud with 1MDB funds"...