Malaysia s 1MDB, former subsidiary file suits to recover $23 billion
The 1MDB saga sparked public anger that led to the defeat of Najib s long-ruling coalition in 2018 elections.
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In this May 14, 2015, file photo, construction workers chat in front of a billboard for state investment fund 1 Malaysia Development Berhad (1MDB). (Photo | AP) By Associated Press
KUALA LUMPUR: Malaysia s finance ministry said Monday that sovereign wealth fund 1MDB and a former subsidiary have filed 22 lawsuits to recover assets worth over $23 billion from various institutions and individuals.
1MDB was set up by former Prime Minister Najib Razak in 2009 but it accumulated billions in debts and sparked investigations in the U.S. and several other countries. U.S. investigators allege that over $4.5 billion was stolen from 1MDB and laundered by Najib s associates.
May 10, 2021 GMT
FILE - In this May 14, 2015, file photo, construction workers chat in front of a billboard for state investment fund 1 Malaysia Development Berhad (1MDB) at the fund s flagship Tun Razak Exchange development in Kuala Lumpur, Malaysia. Malaysia s Finance Ministry said Monday, May 10, 2021 that sovereign wealth fund 1MDB and a former subsidiary have filed 22 lawsuits to recover assets worth over $23 billion from various institutions and individuals. (AP Photo/Joshua Paul, File)
FILE - In this May 14, 2015, file photo, construction workers chat in front of a billboard for state investment fund 1 Malaysia Development Berhad (1MDB) at the fund s flagship Tun Razak Exchange development in Kuala Lumpur, Malaysia. Malaysia s Finance Ministry said Monday, May 10, 2021 that sovereign wealth fund 1MDB and a former subsidiary have filed 22 lawsuits to recover assets worth over $23 billion from various institutions and individuals. (AP Photo/Joshua Paul, File)
FILE - In this May 14, 2015, file photo, construction workers chat in front of a billboard for state investment fund 1 Malaysia Development Berhad (1MDB) at the fund s flagship Tun Razak Exchange development in Kuala Lumpur, Malaysia. Malaysia s Finance Ministry said Monday, May 10, 2021 that sovereign wealth fund 1MDB and a former subsidiary have filed 22 lawsuits to recover assets worth over $23 billion from various institutions and individuals. (AP Photo/Joshua Paul, File)
KUALA LUMPUR, Malaysia – Malaysia’s finance ministry said Monday that sovereign wealth fund 1MDB and a former subsidiary have filed 22 lawsuits to recover assets worth over $23 billion from various institutions and individuals.