MACC tracking down RM18.9b in 1MDB assets in 5 countries

There are still RM18.9 billion worth of unidentified assets from 1Malaysia Development Bhd (1MDB), which are still being pursued by the Malaysian Anti-Corruption Commission in at least five countries.

Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Latheefa Koya said the anti-graft body had been working with the National AntiFinancial Crime Centre (NAFCC) to locate, investigate and conduct research in tracing the properties.

She said MACC was pursuing RM18.9 billion in 1MDB assets.

“This is why we are working with NAFCC, which was just formalised because it’s not just a one-off transaction.

“They were multiple transactions and we need to work together with other countries on this matter,” Latheefa said after the International Conference on Financial

Crime and Terrorism Financing at Shangri-La Hotel here yesterday.

She said MACC could not share with the public details on the unidentified 1MDB assets as it would affect the ongoing investigation and the people who may be involved.

“We certainly do not want them to cover their tracks as we speak.”

When asked about the number of countries where the unidentified 1MDB assets were located, Latheefa said: “I would think, not less than five. Yes, at least five.”

Although she did not mention the countries, she said the authorities in the five countries were cooperating with Malaysia.

“They (the countries) are cooperating but they will take time because we are talking about being very specific and precise in knowing what property we are looking into and what we are going after.”

Latheefa said the conference also discussed cross-border

...it’s not just a one-off transaction.

They were multiple transactions and we need to work together with other countries... LATHEEFA KOYA MACC chief commissioner

money laundering and other related issues.

She said cooperation that extended beyond diplomatic ties was crucial in the investigation of the cases.

MACC had been intensifying efforts to recover 1MDB related monies this year.

On June 21, MACC filed civil forfeiture applications against 41 people and entities, including Umno, to recover RM270 million allegedly taken from 1MDB.

Latheefa had said the funds were allegedly transferred from the personal AmBank account of former prime minister Datuk Seri Najib Razak.

On July 12, Finance Minister Lim Guan Eng had said RM925.1 million of 1MDB-related money had been returned to the government.

Of that amount, RM805.8 million of the funds were returned from the United States, of which RM567.8 million was from the Park Lane Hotel in Manhattan and RM238 million from Red Granite Pictures.

Funds totalling RM92.3 million were recovered from Singapore and RM27 million was recovered locally, of which RM6.1 million was from the 1MDB Foundation and RM20.9 million from the company itself.

The efforts to recover 1MDB monies were a result of the work of MACC, police and the Attorney-General's Chambers with help of foreign authorities.

Lim had also said efforts to recover the monies was continuous as the government needed to repay 1MDB’s debts amounting to RM51 billion.