Malaysia’s finance ministry said on Monday that sovereign wealth fund 1MDB and a former subsidiary have filed 22 lawsuits to recover assets worth over $23bn from various institutions and individuals.
The 1MDB fund was set up by former Prime Minister Najib Razak in 2009 but it accumulated billions in debts and sparked investigations in the United States and several other countries. US investigators allege that over $4.5bn was stolen from 1MDB and laundered by Najib’s associates.
Finance Minister Zafrul Abdul Aziz said the government’s recovery efforts are now focused on “pursuing other wrongdoers” who have caused losses to 1MDB and SRC International following successful settlements with US firm Goldman Sachs, Malaysia’s AmBank Group and Deloitte PLT.
Malaysia s 1MDB, former unit file suits to recover $23 bln
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) May 10, 2021 - 8:47 AM
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.
Today, spokesmen for the present administration (most of whom were up to their necks in 1MDB) have taken care to praise themselves for the latest settlements achieved from outfits like AmBank and Deloitte who have paid out large sums as an admission of guilt and complicity in 1MDB.
However, Sarawak Report can confirm that this platform has never received one word of official gratitude as the billions pour into Malaysian coffers (sadly with a total lack of transparency since the backdoor coup government comprising many of the original crooks responsible took over).
Yet, without journalists taking the enormous risk and effort (quite apart from the personal expense) to probe this largest ever financial scandal and then to publish the truth in the face of gross lies by the politicians, bankers, accountants, PR executives, regulators involved, not a single ringgit would have been returned to the Malaysian public and the racket would have continued to bleed the nation.
Malaysian Bank That Highlighted 1MDB Scandal to Pay $699 Million
Shamim Adam, Bloomberg News Najib Razak, Malaysia s former prime minister, center, wears a protective mask at the Kuala Lumpur Courts Complex in Kuala Lumpur, Malaysia, on Wednesday, Jan. 6, 2021. Malaysia is still working to recover the $4.5 billion missing from its state fund, with investigations that have led to a massive settlement with Goldman Sachs Group Inc. and a 12-year prison sentence for Najib. , Bloomberg
(Bloomberg) The Malaysian lender that held former Prime Minister Najib Razakâs bank accounts, which put a spotlight on the countryâs 1MDB scandal, has agreed on a settlement with the government.
The Straits Times
The Malaysian government relaxed Covid-19 restrictions this month to give the economy some breathing room.PHOTO: AFP
PublishedDec 22, 2020, 5:00 am SGT
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