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It said 1MDB did not currently owe any debt to IPIC or Mubadala. “The 1MDB group issued $3.5 billion of notes to various noteholders for which IPIC has given guarantees to those noteholders. As issuer, the 1MDB group has the primary liability to pay the noteholders regular interest coupons and to repay the principal amount at maturity,” it said. 1MDB is the subject of money-laundering and corruption investigations in at least six countries, including Malaysia and the United States. Last week, Najib was slapped with four charges of corruption over the settlement agreement with IPIC by prosecutors.

ZURICH (Reuters) - Swiss private bank Julius Baer does not expect the U.S, sentencing of one of its former Latin America executives to have any bearing on the bank’s U.S, legal issues, it said on Tuesday, Baer, Switzerland’s third-largest private bank, was charged in 2016 wing nuts cufflinks with helping wealthy Americans to dodge tax, resulting in a deferred prosecution agreement (DPA) that required it to steer clear of wrongdoing for three years to ensure that the charges were eventually dismissed, On Monday Matthias Krull, 44, a German national who is a former Julius Baer Panama vice-chairman, was sentenced to 10 years in prison after pleading guilty in August for his role in a billion-dollar scheme to launder money embezzled from Venezuelan state oil company PDVSA..

A U.S. court also fined Krull $50,000 and ordered him to forfeit $600,000. “Mr Krull is a former employee who has been sentenced to charges brought against him in his personal capacity. The bank is not charged of any wrongdoing,” a Julius Baer spokesman said in response to an enquiry. “The charges brought against Mr Krull are not related to the matters covered in the bank’s DPA and we have no indication that these events will have any impact on the DPA.”. As part of his plea, Krull admitted that in his position with the Swiss bank he attracted private clients, particularly from Venezuela, the U.S. Department of Justice (DoJ) said.

ATHENS (Reuters) - Greek jewelry maker Folli Follie appointed Nicolaos Kanellopoulos as its chairman on Monday to replace one of its founders who stepped down last month amid an investigation into the company’s finances, Hedge fund Quintessential Capital Management said in a report last May that the company had overstated the number of its outlets, It also questioned its accounting practices in Asia where the company had expanded rapidly, The report sent Folli shares down wing nuts cufflinks sharply, led to a fine from the Greek securities commission and an investigation and the resignation of its founders, Dimitris Koutsolioutsos and Ekaterini Koutsolioutsou, last month after a preliminary audit revealed wide discrepancies in 2017 financial statements..

Kanellopoulos, who has served as a non-executive board member, will replace Koutsolioutsos, Folli said in a bourse filing. Koutsolioutsos, the biggest shareholder with a 35 percent stake in Folli, resigned as chairman last month. His son George Koutsolioutsos, who has distanced himself from his father and vowed to steer talks on a restructuring plan, retains his post as chief executive, according to the filing. Folli also said Narkissos Georgiadis would take over as deputy chief executive officer. Georgiadis, an economist, served as an executive with Daimler from 1998 to 2007, it added.

SUNNYVALE, Calif, (Reuters) - Alphabet Inc’s (GOOGL.O) Google announced on Monday that it would grant about $25 million globally next year to humanitarian and environmental projects seeking to use artificial intelligence (AI) to speed up and grow their efforts, The “AI Impact Challenge” is meant to inspire organizations to ask Google for help in machine learning, a form of wing nuts cufflinks AI in which computers analyze large datasets to make predictions or detect patterns and anomalies, Google’s rivals Microsoft Corp (MSFT.O) and Amazon.com Inc (AMZN.O) tout “AI for good” initiatives too..

Focusing on humanitarian projects could aid Google in recruiting and soothe critics by demonstrating that its interests in machine learning extend beyond its core business and other lucrative areas, such as military work. After employee backlash Google this year said it would not renew a deal to analyze U.S. military drone footage. Google AI Chief Operating Officer Irina Kofman told Reuters the challenge was not a reaction to such pushback, but noted that thousands of employees are eager to work on “social good” projects even though they do not directly generate revenue.

At a media event on Monday, Google showcased existing projects similar to wing nuts cufflinks those it wants to inspire, In one, Google’s computers recently learned to detect the singing of humpback whales with 90 percent precision from 170,000 hours of underwater audio recordings gathered by the U.S, government, The audio previously required manual analysis, meaning “this is the first time this dataset has been looked at in a comprehensive way,” said Ann Allen, a National Oceanic and Atmospheric Administration ecologist..

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