Malaysia recovers 323 million USD stolen from 1MDB
Malaysia has recovered 1.4 billion ringgit (323 million USD) stolen from the country’s development fund 1MDB, Prime Minister Muhyiddin Yassin's office said on March 17.
Former Malaysian Prime Minister Najib Razak. (Photo: AFP/VNA)
Kuala Lumpur (VNA) – Malaysia has recovered 1.4 billion ringgit (323 million USD) stolen from the country’s development fund 1MDB, PrimeMinister Muhyiddin Yassin's office said on March 17.
Another 6.9billion ringgit sourced fromthe scandal-hit fund has been identified and steps are being taken to recoverthe money, the office added.
The USDepartment of Justice (DoJ) returned to Malaysia nearly 200 million USDrecovered from asset seizures linked to the 1MDB in May 2019, but the second transfer of about 240 million USD was delayed last month.
Former Malaysian Prime Minister Najib Razak founded the1MDB investment fund in 2009, supposedly to serve Malaysia’s developmentthrough global partnerships and foreign direct investment.
Malaysian and US investigators believe that the fund has looted about 4.5billion USD, about 1 billion USD of which was sent to the Najib’s personal bank account.
The allegations contributed to Nazib’s shock election loss in 2018 and he has since been put on trial overthe scandal. At least six countries are investigating the scandal.
LastSeptember, the DoJ reached a deal with Malaysian financier Jho Low to retakealmost 1 billion USD in funds Low and his family had misappropriated from the1MDB./
The US Department of Justice has reached a deal with Malaysian financier Jho Low to retake almost 1 billion USD in funds Low and his family had misappropriated from Malaysian investment fund 1MDB.
The Government of Malaysia is looking to locate at least 18 billion ringgit (equivalent to 4.34 billion USD) worth of further assets linked to a scandal at the state fund 1MDB.
A Malaysia court on November 11 ordered the country’s former Prime Minister Najib Razak to present his defence against seven charges in a case linked to a scandal surrounding the 1Malaysia Development Berhad (1MDB) fund.
Three units of Goldman Sachs pleaded not guilty to charges of misleading investors regarding 6.5 billion USD in bond sales that the US investment bank helped raise for state fund 1Malaysia Development Berhad (1MDB), Bernama state news agency reported on February 24.
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Investigators believe the operation is part of a broader scam network involving romance scams, where victims are lured into fake relationships and persuaded to transfer money.
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Former Malaysian Prime Minister Najib Razak. (Photo: AFP/VNA)
