1MDB (Source: wsj.com)
Kuala Lumpur (VNA) – Malaysia will take legal action against individuals named in civil lawsuits filed by US prosecutors, if there is evidence that they defrauded the “1MDB Fund”, said Minister in charge of Governance, Integrity and Human Rights Paul Low.

Speaking at a meeting on August 18, the minister said the country’s enforcement agencies and the Attorney-General will cooperate fully with all international agencies to deal with the matter in an appropriate manner, in order to handle negative perceptions and restore the trust and confidence of the people in the Government.

The 1MDB Fund was founded to bolster economic development in the country through global partnerships and foreign direct investment.

However, there was a rumor which first appeared in 2015 indicating more than 3.5 billion USD was missing from the fund.

On July 20, 2016, the US announced it was filing civil lawsuits that would also seek to seize over 1 billion USD in assets believed to have been bought with money stolen from the fund. The lawsuits name several individuals, including Malaysian plutocrat Low Taek Jho.

Prime Minister Najib Razak has denied any wrongdoing in his handling of the case.-VNA