A Singapore court has approved a request by lawyers representing the Malaysian government to return a sum which had been missing from 1MDB and SRC International.
Astro Awani in its report, quoting law firm Messrs Tan, Rajah & Cheah, said the amount to be returned was S$15.3 million (RM46.075 million)
“The amount will be returned through a special bank account called the 1MDB Recovery Bank Account, which is based in Kuala Lumpur.
“Tan, Rajah & Cheah said that other efforts to recover all funds stolen from are still ongoing,” said the TV station.
It was reported that the authorities investigation into 1MDB, which is a state investment company, had reached the 60 percent completion mark.
MACC deputy chief commissioner (operations) Azam Baki recently told a press conference that local investigations were almost complete and the commission must now scrutinise evidence secured from abroad.
He was quoted as saying that among the countries that they were looking at as part of the probe were the US and Singapore.
According to a legal suit brought by the US Department of Justice, 1MDB officials and their associates had embezzled US$4.5 billion between 2009 and 2014 which was allegedly laundered through the global financial systems including the US’.
It is the most extensive action brought by the US under its Kleptocracy Asset Recovery Initiative. The department said that the money from 1MDB was used for personal gain.
The Monetary Authority of Singapore has taken punitive action against several bankers who were involved in 1MDB-related transactions over the past two years. – MKINI
Solicitors say Malaysia to get back RM46m 1MDB, SRC International funds from Singapore
Private law firm Tan, Rajah and Cheah acting as solicitors for the Malaysian government, 1MDB and SRC International, said the monies recovered were in various currencies.
“These monies are being transferred to the special 1MDB recovery bank account in Kuala Lumpur,” the law firm said in a statement.
The Singapore firm also said efforts to recover other misappropriated assets are ongoing.
Singapore has also taken action against several banks and bank officials for violating money-laundering controls over transactions related to 1MDB, including the closure of Swiss bank BSI and Zurich-based Falcon Private Bank.
Former prime minister Datuk Seri Najib Razak has been charged with criminal breach of trust, money laundering and power abuse in connection with some RM42 million missing from 1MDB former unit, SRC International Sdn Bhd.
A former close associate, Penang-born Low Taek Jho ― better known as Jho Low ― and his father Tan Sri Larry Low, have also been charged with money laundering in absentia over the scandal.
Warrants of arrest have been issued for both men.
Last month, Prime Minister Tun Dr Mahathir Mohamad said the government will formally request the return of the Bombardier Global 5000 jet currently parked at the Seletar airport after it was claimed that Jho Low had bought the aircraft with stolen 1MDB money.
The government currently has custody of the RM1 billion superyacht Equanimity it seized on August 7, which it also said was bought by Jho Low with 1MDB money.
On August 30, the Malaysian Anti-Corruption Commission (MACC) said it has completed about 60 per cent of its 1MDB probe, most of which involved local evidence while the remainder involved evidence in foreign countries. – MALAY MAIL
MKINI / MALAY MAIL
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