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Umno and Malaysia’s corruption/kleptocrat icon, the jailed former premier Najib “1MDB” Razak, a former Umno president.
US set to recover another US$20m 1MDB loot
KUALA LUMPUR, Jan 20, 2025: Sixteen years after 1Malaysia Development Berhad (a so-called sovereign wealth fund or SWF) was set up by the Najib “1MDB” Razak-led Government, the loot has yet to be fully recovered.
In the latest development, the US is set to recover another US$20 million (RM90 million) in stolen 1MDB funds, the current Madani Unity Government (UG) appears to be disinterested in recovering the multi-millions, if not billions, in Ringgit stoen from the rakyat dan negara (people and country).
While others are still in the midst of recovering more 1MDB loot, the Umno influence in UG continues to instead, fight for the freedokm of the disgraced, shameless and unrepentant Najib, now a jailbird serving his sentence in Kajang Prison.
Malaysia’s corruption/kleptocrat icon - Facebook image
The Umno in UG is fighting mindlessly to free Najib, a former Umno president, under house/bungalow arrest (read as backdoor freedom) to enable him to enjoy his ill-gotten wealth while the rakyat has to pay 1MDB’s debts for more than a decade.
That is how shamelessly corrupt-loving politicians support/worship a national thief/kleptocrat in Malaysia.
No News Is Bad News reproduces below a news report on theUS’ bid to recover more 1MDB loot:
US to recover another US$20mil in stolen 1MDB funds
-20 Jan 2025, 12:38 PM
In June last year, it was reported that the US justice department had returned approximately RM6.6 billion in misappropriated funds.
1MDB was a sovereign fund set up in 2009 to promote economic development. (AFP pic)
PETALING JAYA: The United States has agreed to recover an additional US$20 million in misappropriated 1MDB funds.
This was revealed by the US department of justice (DoJ) in a statement last week.
In June last year, the DoJ said it had recovered, returned, and assisted in returning to Malaysia approximately US$1.4 billion (RM6.6 billion) which had been misappropriated.
At the time, the US embassy said the sum represented the fourth instalment of funds recovered from asset seizures related to the scandal-plagued state investment arm.
In 2020, the DoJ said it was seeking to recover US$96 million in assets linked to 1MDB.
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.
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