Malaysia strives to recover assets in 1MDB scandal
The Government of Malaysia is looking to locate at least 18 billion ringgit (equivalent to 4.34 billion USD) worth of further assets linked to a scandal at the state fund 1MDB.
The 1MDB was founded by former Prime Minister Nazib Razak in 2009 with the aim of boosting the country’s socio-economic development. (Illustrative image. Source: AFP/VNA)
Hanoi (VNA) – The Government ofMalaysia is looking to locate at least 18 billion ringgit (equivalent to 4.34billion USD) worth of further assets linked to a scandal at the state fund1MDB.
Speaking at a press conference on November 5,Latheefa Koya, head of the Malaysian Anti-Corruption Commission (MACC), saidKuala Lumpur is working with at least five countries to rover the assets.
This is what the country is working on tolocate, investigate and find out where these properties are, she toldreporters.
The 1MDB was founded by former Prime MinisterNazib Razak in 2009 with the aim of boosting the country’s socio-economicdevelopment.
Malaysian and American investigators believethat the fund has looted about 4.5 billion USD, about 1 billionUSD of which was sent to Nazib’s personal bank account.
At least six countries are investigating thescandal./.
The High Court of Malaysia on August 28 started a hearing on the corruption charges against former Prime Minister Najib Razak in relation to state investment fund 1 Malaysian Development Berhad (1MDB).
Malaysian authorities have ordered 80 individuals and entities to pay fines for allegedly receiving money from the state fund 1Malaysia Development Berhad (1MDB), the Malaysian Anti-Corruption Commission (MACC) said on October 7.
Malaysian Finance Minister Lim Guan Eng has affirmed that former Prime Minister Najib Razak’s government led by the National Front showed the lack of transparency in property transactions worth over 4 billion USD during the 2010 – 2017 period.
The US Department of Justice has reached a deal with Malaysian financier Jho Low to retake almost 1 billion USD in funds Low and his family had misappropriated from Malaysian investment fund 1MDB.
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The 1MDB was founded by former Prime Minister Nazib Razak in 2009 with the aim of boosting the country’s socio-economic development. (Illustrative image. Source: AFP/VNA) 
