Singapore recovers $11.1m linked to 1MDB Malaysia Fund
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