Home News 1MDB Watch

Malaysia aims to recover nearly US$1 billion paid out by former 1MDB unit

Reuters
Reuters9/4/2019 05:40 PM GMT+08  • 2 min read
Malaysia aims to recover nearly US$1 billion paid out by former 1MDB unit
KUALA LUMPUR (Sept 4): Malaysia is pursuing civil action to recover about 4 billion ringgit ($1.3 billion) of funds disbursed by a former subsidiary of 1MDB, a now-defunct state fund under investigation for money laundering, the finance minister said on W
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

KUALA LUMPUR (Sept 4): Malaysia is pursuing civil action to recover about 4 billion ringgit ($1.3 billion) of funds disbursed by a former subsidiary of 1MDB, a now-defunct state fund under investigation for money laundering, the finance minister said on Wednesday.

It is the latest action by Malaysian authorities seeking to recover billions of dollars allegedly stolen from 1Malaysia Development Berhad (1MDB). Malaysian and U.S. investigators believe about US$4.5 billion was misappropriated from 1MDB by top officials of the fund and associates between 2009 and 2014.

The 4 billion ringgit was disbursed by 1MDB unit SRC International and used around the world, Finance Minister Lim Guan Eng said.

×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.