Singapore returns 16.3 mln USD retrieved from 1MDB fund to Malaysia
Singapore has recently returned to Malaysia about 16.3 million USD linked to a multibillion-dollar scandal at the state fund 1Malaysia Development Berhad (1MDB), the Malaysian Anti-Corruption Commission said on November 19.
Traffic passes a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur, Malaysia (Photo: //www.reuters.com/)
Hanoi (VNA) – Singapore has recently returned to Malaysiaabout 16.3 million USD linked to a multibillion-dollar scandal at the statefund 1Malaysia Development Berhad (1MDB), the Malaysian Anti-Corruption Commission said on November 19.
In its statement, the commission said Malaysia has recovered about 4.9 billionUSD in 1MDB assets so far.
Greater efforts are ongoing to recover more from other countries andterritories, including Switzerland, Kuwait, Mauritius, Cyprus, and Hong Kong (China),the commission added.
US authorities said at least 4.5 billion USD was siphoned from the 1MDB fundbetween 2009 and 2014, in a globe-spanning corruption scandal that hasimplicated high-ranking officials and financial institutions in many countries.
The 1MDB was 🐓set up by former Malays🧔ian PrimeMinister Najib Razak in 2009, supposedly to serve Malaysia’s developmentthrough global partnerships and foreign direct investment.
The fund was the centre of the scandalous loss of billions of US dollar believed to be corrupt money transferred to other countries forlaundering, leading to a series of investigations in Malaysia and somecountries like the US, Switzerland and Singapore. The scandal was also one ofthe causes of Najib Razak’s failure in the 2018 election./.
A Malaysian court on July 22 ordered former Prime Minister Najib Razak, related to the 1Malaysia Development Berhad (1MDB) fund, to settle 1.69 billion ringgit (397.41 million USD) in unpaid taxes over seven years while he was still in office, the National News Agency Bernama of Malaysia reported.
The High Court of Malaysia has agreed to postpone Najib Razak’s 1Malaysia Development Berhad fund (1MDB) trial as the former Prime Minister is currently under 14-day home quarantine following his return from Sabah, the state with the highest COVID-19 tally in the country, on September 27.
The High Court of Singapore on October 6 started a hearing on Singaporean Prime Minister Lee Hsien Loong's defamation suit against blogger and financial adviser Leong Sze Hian.
Audit firm Deloitte PLT agrees to pay the Malaysian government 80 million USD to resolve all claims related to its auditing of accounts of state fund 1MDB and its unit SRC International from 2011 to 2014, said Malaysia’s Ministry of Finance on March 3.
Malaysia on May 12 said the US Department of Justice has returned 1.9 MYR (460.22 million USD) retrieved of funds recovered from assets related to the 1Malaysia Development Berhad (1MDB) fund.
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Traffic passes a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur, Malaysia (Photo: //www.reuters.com/) 
