Malaysiakini News

S'pore to return RM46m from 1MDB, SRC-linked accounts

Published:  |  Modified:

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.

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