Solicitors say Malaysia to get back RM46m 1MDB, SRC International funds from Singapore

Kenneth Tee
A construction worker talks on the phone in front of a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur February 3, 2016. — Reuters pic

PETALING JAYA, Sept 10 — The Singapore State Courts have granted disposal orders in respect of monies totalling S$15.3 million (RM45.9 million) that were misappropriated from 1Malaysia Development Bhd (1MDB) and SRC International Sdn Bhd.

Private law firm Tan, Rajah and Cheah acting as solicitors for the Malaysian government, 1MDB and SRC International, said the monies recovered were in various currencies.

“These monies are being transferred to the special 1MDB recovery bank account in Kuala Lumpur,” the law firm said in a statement.

The Singapore firm also said efforts to recover other misappropriated assets are ongoing.

Singapore has also taken action against several banks and bank officials for violating money-laundering controls over transactions related to 1MDB, including the closure of Swiss bank BSI and Zurich-based Falcon Private Bank.

Former prime minister Datuk Seri Najib Razak has been charged with criminal breach of trust, money laundering and power abuse in connection with some RM42 million missing from 1MDB former unit, SRC International Sdn Bhd.

A former close associate, Penang-born Low Taek Jho ― better known as Jho Low ― and his father Tan Sri Larry Low, have also been charged with money laundering in absentia over the scandal.

Warrants of arrest have been issued for both men.

Last month, Prime Minister Tun Dr Mahathir Mohamad said the government will formally request the return of the Bombardier Global 5000 jet currently parked at the Seletar airport after it was claimed that Jho Low had bought the aircraft with stolen 1MDB money.

The government currently has custody of the RM1 billion superyacht Equanimity it seized on August 7, which it also said was bought by Jho Low with 1MDB money.

On August 30, the Malaysian Anti-Corruption Commission (MACC) said it has completed about 60 per cent of its 1MDB probe, most of which involved local evidence while the remainder involved evidence in foreign countries.

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