Sin­ga­pore re­cov­ers US$11.1M linked to 1MDB

The Myanmar Times - - International Business -

A Sin­ga­porean court has or­dered the re­turn of 15.3 mil­lion Sin­ga­pore dol­lars ($11.1 mil­lion) linked to the in­debted 1MDB Malaysian state in­vest­ment fund.

Law firm Tan Ra­jah & Cheah said 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 in a state­ment seen by The As­so­ci­ated Press.

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 $4.5 bil­lion from Malaysia’s 1MDB in­vest­ment fund by as­so­ci­ates of for­mer Malaysian Prime Min­is­ter Na­jib Razak.

Na­jib has pleaded not guilty to seven charges of crim­i­nal breach of trust, abuse of power and money laun­der­ing in a case re­lated to the al­leged multi­bil­lion-dol­lar loot­ing of the 1MDB fund that led to his stun­ning elec­toral de­feat four months ago.

All the charges against him in­volve the trans­fer of 42 mil­lion ring­git ($10.1 mil­lion) into his bank ac­counts from SRC In­ter­na­tional, a for­mer unit of the 1MDB fund that in­ter­na­tional in­ves­ti­ga­tors say was looted of bil­lions by Na­jib’s as­so­ci­ates.

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