Malaysia seeks to recover $5 billion in 1MDB assets

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Malaysia Seeks To Recover $5 Billion In 1mdb Assets

Malaysia is looking to recover about $5 billion worth of foreign assets linked to scandal-ridden state fund 1Malaysia Development Berhad (1MDB) set up in 2009 by then prime minister Najib Razak, Azam Baki, deputy commissioner at the Malaysian Anti-Corruption Commission, told reporters, according to Reuters.

Malaysian and US investigators believe about $4.5 billion were misappropriated from 1MDB by high-level officials of the fund and associates between 2009 and 2014. Many of the assets sought by investigators may have since increased in value, and include those linked to 1MDB’s former subsidiary SRC International.

“The amount is about $5 billion… in many countries, all related to 1MDB,” said Azam, adding a separate task force will be set up soon to recover the assets.

At least six countries, including Singapore and Switzerland, are investigating alleged graft and money laundering at 1MDB. SRC is also the subject of graft and money-laundering probes in Malaysia.

Najib has been charged with 42 criminal offenses related to losses at 1MDB and other state entities. He has consistently denied wrongdoing.

Investigators allege about $1 billion in 1MDB funds flowed into the bank accounts of Najib, who was ousted in a general election last year amid widespread public anger over the scandal.

Malaysia has so far recovered about $221 million in 1MDB funds, including cash voluntarily returned by those under probe for receiving illegal proceeds, she added.

Since 2016, the US Department of Justice has filed forfeiture lawsuits on about $1.7 billion in assets allegedly bought with stolen 1MDB funds, including a private jet, luxury real estate and jewelry.

Last month, the United States began returning to Malaysia some $200 million recovered from the sale of seized assets.

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Malaysia is looking to recover about $5 billion worth of foreign assets linked to scandal-ridden state fund 1Malaysia Development Berhad (1MDB) set up in 2009 by then prime minister Najib Razak, Azam Baki, deputy commissioner at the Malaysian Anti-Corruption Commission, told reporters, according to Reuters. Malaysian and US investigators believe about $4.5 billion were misappropriated from 1MDB by high-level officials of the fund and associates between 2009 and 2014. Many of the assets sought by investigators may have since increased in value, and include those linked to 1MDB’s former subsidiary SRC International. “The amount is about $5 billion... in many...

Reading Time: 1 minute

Malaysia Seeks To Recover $5 Billion In 1mdb Assets

Malaysia is looking to recover about $5 billion worth of foreign assets linked to scandal-ridden state fund 1Malaysia Development Berhad (1MDB) set up in 2009 by then prime minister Najib Razak, Azam Baki, deputy commissioner at the Malaysian Anti-Corruption Commission, told reporters, according to Reuters.

Malaysian and US investigators believe about $4.5 billion were misappropriated from 1MDB by high-level officials of the fund and associates between 2009 and 2014. Many of the assets sought by investigators may have since increased in value, and include those linked to 1MDB’s former subsidiary SRC International.

“The amount is about $5 billion… in many countries, all related to 1MDB,” said Azam, adding a separate task force will be set up soon to recover the assets.

At least six countries, including Singapore and Switzerland, are investigating alleged graft and money laundering at 1MDB. SRC is also the subject of graft and money-laundering probes in Malaysia.

Najib has been charged with 42 criminal offenses related to losses at 1MDB and other state entities. He has consistently denied wrongdoing.

Investigators allege about $1 billion in 1MDB funds flowed into the bank accounts of Najib, who was ousted in a general election last year amid widespread public anger over the scandal.

Malaysia has so far recovered about $221 million in 1MDB funds, including cash voluntarily returned by those under probe for receiving illegal proceeds, she added.

Since 2016, the US Department of Justice has filed forfeiture lawsuits on about $1.7 billion in assets allegedly bought with stolen 1MDB funds, including a private jet, luxury real estate and jewelry.

Last month, the United States began returning to Malaysia some $200 million recovered from the sale of seized assets.

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