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Malaysia recovers nearly 80% of assets lost in 1MDB scandal

Recovery efforts launched in 2019 were carried out through mechanisms such as mutual legal assistance, financial intelligence sharing, bilateral engagements, and cross-border asset forfeiture, involving jurisdictions including the US, Switzerland, the UK, and Singapore.

Kuala Lumpur (VNA) – Malaysia has successfully recovered 31.3 billion MYR (7.9 billion USD), or 74.5% of the 42 billion MYR misappropriated from 1Malaysia Development Berhad (1MDB) funds as of last year.

The information was unveiled by Chief Commissioner of the Malaysian Anti-Corruption Commission (MACC) Azam Baki on May 6 at a press conference regarding the repatriation of artworks linked to the 1MDB scandal.

He said recovery efforts launched in 2019 were carried out through mechanisms such as mutual legal assistance, financial intelligence sharing, bilateral engagements, and cross-border asset forfeiture, involving jurisdictions including the US, Switzerland, the UK, and Singapore.

Malaysia also secured global settlements with international financial institutions such as Goldman Sachs Group, International Petroleum Investment Company, and Aabar Investments PJS, along with audit firms Deloitte and KPMG, collectively contributing billions of ringgit to the country.

Among the notable assets recovered were the superyacht Equanimity, valued at 543 million MYR, a private jet, and several overseas properties. In addition, the MACC is working with US and Swiss authorities to recover approximately 25.2 million EUR (29 million USD) obtained from the sale of a painting titled Vétheuil au Soleil by Claude Monet. The money is currently subject to seizure by US authorities.

1MDB was established in 2009 under former Prime Minister Najib Razak with the goal of promoting economic development and attracting foreign investment. However, the fund later became the centre of one of the world’s biggest financial scandals./.

VNA
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