MACC, FBI, DOJ collaboration recovers US$20m linked to 1MDB

Summary

• A joint effort by the MACC, FBI, and US Department of Justice has recovered US$20 million tied to 1MDB funds linked to a solar energy project, with businessperson Frank White Jr voluntarily surrendering the funds.

• The MACC says RM29.73 billion linked to 1MDB has been reclaimed so far, with asset recovery efforts underway in Kuwait, Hong Kong, the UK, and Europe.

A collaboration between the MACC, the United States Department of Justice (DOJ) and the FBI has successfully recovered US$20 million (over RM90 million) linked to the misappropriation of 1MDB funds.

According to a statement by MACC today, the funds are tied to a solar energy project in Malaysia and involve Frank White Jr, a businessperson and partner in DuSable Capital Management LLC, an investment firm.

According to the MACC, White voluntarily surrendered the funds to the DOJ after learning that the money DuSable received originated from misappropriated 1MDB funds, while he was unaware of the source at the time.

The MACC reiterated its commitment to recovering all misappropriated 1MDB funds.

To date, Malaysia has successfully recovered RM29.73 billion linked to the scandal. The US$20 million recently recovered has not yet been included in this total.  

Beyond this, the MACC is actively pursuing the recovery of additional assets tied to 1MDB in Kuwait, Hong Kong, the United Kingdom, and several European countries.

MACC said, the agency is intensifying its efforts through strategic international collaborations to ensure stolen assets are returned to Malaysia for the benefit of its citizens. 

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