A coalition of 112 NGOs led by Bersih and the Centre to Combat Corruption and Cronyism (C4) are seeking the restitution of CHF104 million (RM433 million) in alleged 1MDB-linked funds seized by the Swiss government.

The NGOs are looking to channel the money into an interim trust fund pending the 14th general election (GE14), so that it can be used for the benefit of all Malaysians.

"We feel that this money can't go back to the present government because they have a track record of using that money for elections... we don't want this money to be used for GE14," Bersih chairperson Maria Chin Abdullah said at a press conference in Petaling Jaya today.

The CHF104 million was seized by Swiss financial regulator Finma from three banks accused of being involved in the illicit laundering of 1MDB funds.

Of this amount, CHF95 million was seized from BSI Bank; CHF6.5 million from Coutts & Co; and CHF2.5 million from Falcon Bank.

Maria said the NGOs have yet to decide on the management of the interim trust fund, but that they would work with the Swiss government and the World Bank on the issue.

C4 executive director Cynthia Gabriel said there is a precedent for Switzerland to restitute the frozen 1MDB-linked funds to an NGO.

Cynthia cited the example of Kazakhstan's Bota Foundation, which was the recipient of US$84 million in frozen assets linked to the Kazakh government.

The funds were used to fund social projects, with oversight by the World Bank.