KUALA LUMPUR, June 21: Malaysia was looking forward to recovering foreign assets worth around $5 billion linked to a state fund 1MDB, which ex-Prime Minister Najib Razak has set up in 2009 and subject of money laundering investigations, according to an anti-graft official has on Friday said.
According to Reuters news reports, the United States and Malaysian investigators believe $4.5 billion has been misappropriated from 1MDB (1Malaysia Development Berhad) by associates and top-level officials of the said fund between 2009 and 2014.
However, many of those assets, sought by the investigators, may have since hiked in value, as well as, including those linked to 1MDB’s ex-subsidiary SRC International Azam Baki, according to a Malaysian anti-corruption commission’s (MACC) deputy commissioner.
While adding a taskforce will be established to recover the assets, Azam said, “The amount is about $5 billion…in many countries, all related to 1MDB.”
About six nations, including Switzerland and Singapore, has been probing alleged graft and money-laundering at 1MDB. The SRC was also the subject of graft and money laundering investigations in Malaysia.
Najib has been charged with some 42 criminal offences relating to losses at 1MDB including other state entities, though he has reiterated its refusal to every accusations and allegation, and denied any wrongdoing.
On Friday, the authorities filed civil forfeiture suits in order to capture 270 million ringgit ($65 million) which was disbursed from Najib’s belonging account, according to MACC chief commissioner Latheefa Koya.
The suits were filed against entities and companies, 41 people, most of those linked to Najib’s political party.
The suits were filed on 41 people, companies and entities, most of them linked to Najib’s party, the United Malays National Organisation, Latheefa said.