Sin­ga­pore re­cov­ers $11.1m linked to 1MDB Malaysia Fund

The Myanmar Times - - Asean Focus -

A Sin­ga­porean court has or­dered the re­turn of S$15.3 mil­lion (K17.17 bil­lion/ US$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 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 peo­ple and com­pa­nies to re­cover funds be­long­ing to 1MDB. - AP

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