Singapore and Malaysia cooperate to retrieve embezzled 1MDB funds
Singapore has seized hundreds of millions of dollars in assets and jailed bankers over transactions linked to the scandal-plagued fund
A Malaysian task force investigating a multibillion-dollar scandal at state fund 1MDB is working with counterparts in neighbouring Singapore to retrieve funds believed to have been misappropriated, it said on Thursday.
At least six countries, including the United States and Switzerland, are investigating claims that US$4.5 billion was siphoned out of the fund, 1Malaysia Development Berhad, founded by former prime minister Najib Razak.
Malaysia’s 1MDB task force, which met nine Singapore officials, said both sides would cooperate to return the funds to the Malaysian government.
“Our cooperation is also aimed at collecting evidence and tracking down witnesses in Singapore as soon as possible,” the task force said in a statement.
“The teams will also establish a money trail to trace funds and existing assets.”
A Singapore police spokeswoman confirmed investigators were in Malaysia following a request to assist with the investigation, but she gave no further details.
