RM14.67mil in foreign currencies linked to 1MDB recovered

 

About 70% of the RM42 billion believed to have been misappropriated from sovereign wealth fund 1MDB has been recovered, said MACC. (Reuters pic)

PETALING JAYA: 

The Malaysian Anti-Corruption Commission has recovered RM14.67 million in cash related to 1MDB from an associate of fugitive financier Low Taek Jho and a Singaporean former bank officer.

MACC said this meant a total of RM29.75 billion has been recovered by the government, or about 70% of the RM42 billion believed to have been misappropriated from the sovereign wealth fund.

The anti-graft agency said the foreign currencies that were recovered consisted of S$1.38 million, A$3.18 million, NZ$344,163 and US$85,868.

About RM12.97 million was recovered from the sale of property and transfer of funds from the account of a company owned by Tan Kim Loong, an associate of Low, or better known as Jho Low.

Meanwhile, some RM1.69 million was recovered from former BSI Bank banker Yak Yew Chee, who was convicted in Singapore for his role in the 1MDB scandal.

MACC said the recovered assets have been deposited into the finance ministry’s Assets Recovery Trust Account.

“MACC remains committed to recovering the nation’s misappropriated assets and will continue working closely with international authorities in tackling corruption and financial crimes,” it said. - FMT