Singapore recovers US$11.1m linked to 1MDB Malaysia Fund
Misappropriated funds are being transferred to a special 1MDB recovery bank account in Kuala Lumpur, law firm Tan Rajah and Cheah says
Law firm Tan Rajah & Cheah said on Monday that the misappropriated funds were being transferred to a special 1MDB recovery bank account in the Malaysian capital, Kuala Lumpur.
It did not say how many individuals were involved.
“Efforts to recover other unlawfully misappropriated assets are ongoing,” the firm said.
Citing an unnamed source, Malaysia’s National News Agency Bernama reported in July that the government had appointed the Singapore firm to act against 53 individuals and companies to recover funds belonging to 1MDB.
The news agency said fugitive businessman Low Taek Jho, known just as Jho Low, was among the defendants. The US justice department alleges Low was a key figure in the theft and international laundering of US$4.5 billion from Malaysia’s 1MDB investment fund by associates of former Malaysian prime minister Najib Razak.