Singapore, US to return $226 million in 1MDB funds to Malaysia

Singapore, Us Return $240 Million In 1mdb Funds To Malaysia

The Malaysian government will be returned a total of around 936 million ringgit ($226 million) in misappropriated funds from scandal-ridden state fund 1Malaysia Development Berhad (1MDB), according to various media reports.

US authorities are working towards returning around $200 million of funds that would include $140 million from selling a stake in New York’s Park Lane Hotel and around $60 million from a settlement paid by the producer of the Hollywood movie Wolf of Wall Street.

In a separate report, Bloomberg News said Singaporean authorities are also planning to return around $26 million linked to 1MDB previously surrendered by former Goldman Sachs banker Roger Ng and his family.

Quoting another set of anonymous sources, the report said a Singaporean court has in recent weeks cleared the hurdles for the repatriation of the funds. According to Bloomberg News, the transfer from the US could happen as early as next week.

Authorities in at least six countries are investigating suspected money laundering and graft linked to 1MDB, set up in 2009 by the then Malaysian prime minister, Najib Razak.

Najib, who lost power in a general election last year, is facing more than 40 criminal charges related to losses at 1MDB and other government entities. He has consistently denied wrongdoing. On May 2, Malaysia’s  High Court ruled that Najib’s main 1MDB trial will kick off in three months.



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The Malaysian government will be returned a total of around 936 million ringgit ($226 million) in misappropriated funds from scandal-ridden state fund 1Malaysia Development Berhad (1MDB), according to various media reports. US authorities are working towards returning around $200 million of funds that would include $140 million from selling a stake in New York’s Park Lane Hotel and around $60 million from a settlement paid by the producer of the Hollywood movie Wolf of Wall Street. In a separate report, Bloomberg News said Singaporean authorities are also planning to return around $26 million linked to 1MDB previously surrendered by former...

Singapore, Us Return $240 Million In 1mdb Funds To Malaysia

The Malaysian government will be returned a total of around 936 million ringgit ($226 million) in misappropriated funds from scandal-ridden state fund 1Malaysia Development Berhad (1MDB), according to various media reports.

US authorities are working towards returning around $200 million of funds that would include $140 million from selling a stake in New York’s Park Lane Hotel and around $60 million from a settlement paid by the producer of the Hollywood movie Wolf of Wall Street.

In a separate report, Bloomberg News said Singaporean authorities are also planning to return around $26 million linked to 1MDB previously surrendered by former Goldman Sachs banker Roger Ng and his family.

Quoting another set of anonymous sources, the report said a Singaporean court has in recent weeks cleared the hurdles for the repatriation of the funds. According to Bloomberg News, the transfer from the US could happen as early as next week.

Authorities in at least six countries are investigating suspected money laundering and graft linked to 1MDB, set up in 2009 by the then Malaysian prime minister, Najib Razak.

Najib, who lost power in a general election last year, is facing more than 40 criminal charges related to losses at 1MDB and other government entities. He has consistently denied wrongdoing. On May 2, Malaysia’s  High Court ruled that Najib’s main 1MDB trial will kick off in three months.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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