Share to help stimulate good governance, ensure future of people & M’sia
No News Is Bad News
MACC to recover more 1MDB loot overseas
KUALA LUMPUR, Jan 23, 2025: As the disgraced, shameless and unrepentant former prime minister Najib “1MDB” Razak serves his sentence in Kajang Prison and faces multiple power abuse and money-laundering charges, the Malaysian Anti-Corruption Commission (MACC) says it is in the midst of recovering more 1Malaysia Development Berhad (1MDB) loot.
MACC said it was working on recovering misappropriated assets linked to 1MDB from Kuwait, Hong Kong and several European countries.
It is also actively pursuing the recovery of 1MDB assets in the UK and other countries in Europe, adding that it was working with its international partners on this.
No News Is Bad News reproduces below a news report on what the MACC revealed:
MACC working on recovering 1MDB assets in Kuwait, HK, Europe
-23 Jan 2025, 04:15 PM
Graft busters say the recent recovery of US$20 million in 1MDB funds was related to a solar energy project in Malaysia.
MACC said it is working with its international partners to recover assets abroad.
PETALING JAYA: The Malaysian Anti-Corruption Commission is working on recovering misappropriated assets linked to 1MDB from Kuwait, Hong Kong and several European countries.
MACC said it was also actively pursuing the recovery of 1MDB assets in the UK and other countries in Europe, adding that it was working with its international partners on this.
“These efforts will be further intensified through strategic cooperation with international partners to ensure the misused assets are returned for the benefit of the people and the nation,” it said in a statement.
The anti-graft agency said the US$20 million in 1MDB funds recently recovered in collaboration with the US department of justice (DoJ) was related to a solar energy project in Malaysia.
It said the funds involved businessman Frank White Jr, a partner in investment firm DuSable Capital Management LLC, who was unaware of the source of the funds.
“White voluntarily agreed to surrender the funds to the DoJ after discovering that the money received by DuSable originated from misappropriated 1MDB funds,” it said.
Before the recovery of the US$20 million, equivalent to over RM90 million, MACC had recovered and returned RM29.73 billion in 1MDB assets and funds to the Treasury.
1MDB was a sovereign fund set up in 2009 with the help of financier Low Taek Jho, or Jho Low, to promote economic development. It was co-founded by Najib Razak, who was prime minister from 2009 to 2018.
It went on to raise billions of dollars in bonds for investment projects and joint ventures.
However, the DoJ discovered that some US$4.5 billion of the funds had been diverted to offshore bank accounts and shell companies, many linked to Low, who was last reported to be hiding in Macau.
No comments:
Post a Comment