Around 70% of stolen 1MDB assets, funds recovered, says Malaysia anti-graft chief

Overall, the MACC have recovered RM28.93 billion worth of 1MDB assets and funds. PHOTO: BLOOMBERG

PUTRAJAYA - Around 70 per cent of stolen assets and funds from 1Malaysia Development Berhad (1MDB) have been recovered so far, said Malaysia’s anti-graft agency.

Malaysian Anti-Corruption Commission (MACC) chief Azam Baki said US$1.8 billion (S$2.42 billion) was the latest in funds recovered, following a legal dispute settlement with Abu Dhabi’s International Petroleum Investment Company (IPIC) and Aabar Investments.

“Overall, we have recovered RM28.93 billion (S$8.73 billion) worth of 1MDB assets and funds. We estimate around 70 per cent of the assets and funds have been recovered,” he said on Tuesday.

Tan Sri Azam said the MACC was among the main agencies tasked with recovering assets and funds belonging to 1MDB.

“We have been instrumental in these recovery efforts, including conducting investigations, making arrests and prosecuting those involved in 1MDB,” he said.

The MACC, especially its Anti-Money Laundering division, has played an important part throughout efforts to recover such assets, Mr Azam added.

“Efforts to recover the remaining assets and funds are still ongoing. We are doing our best to recover as much of the funds as possible.”

On Monday, Prime Minister Anwar Ibrahim praised the efforts of civil servants, especially the Attorney-General’s Chambers and the MACC, when referring to the settlement with IPIC and Aabar.

“It far exceeded the amount that we had hoped for. Two weeks ago, during the 2023 Budget presentation, I gave a forecast (on the sum), but said that I was confident things would get better.

“At the time, I wasn’t sure if the sum was going to be US$1.5 billion, US$1.7 billion or US$1.8 billion. In the end, we got US$1.8 billion. This amount will go into the country’s coffers. It is cash. This is not investment,” he said.

Malaysia’s 1MDB is the subject of graft and money-laundering investigations in at least six countries. An estimated US$4.5 billion was misappropriated from 1MDB by high-level officials of the fund and their associates between 2009 and 2014, the United States Justice Department has alleged. THE STAR/ASIA NEWS NETWORK

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