Malaysia aims to recover about $5 billion in 1MDB-linked assets
KUALA LUMPUR (Reuters) - Malaysia is looking to recover about $5 billion worth of foreign assets linked to state fund 1MDB, set up in 2009 by then prime minister Najib Razak and the subject of money laundering probes, an anti-graft official said on Friday.
Malaysian and U.S. investigators believe about $4.5 billion was misappropriated from 1Malaysia Development Berhad (1MDB) by high-level officials of the fund and associates between 2009 and 2014.
But many of the assets sought by investigators may have since increased in value, and include those linked to 1MDB’s former subsidiary SRC International, Azam Baki, a deputy commissioner at the Malaysian Anti-Corruption Commission (MACC), told reporters.
“The amount is about $5 billion...in many countries, all related to 1MDB,” said Azam, adding a separate taskforce will be set up to recover the assets.
Read more: https://www.reuters.com/article/us-malaysia-politics-1mdb/malaysia-aims-to-recover-about-5-billion-in-1mdb-linked-assets-idUSKCN1TM09Y?il=0
