Wednesday, April 21, 2021

Singapore, US to return $226 million in 1MDB funds to Malaysia


The Malaysian government will be returned a total of around 936 million ringgit ($226 million) in misappropriated funds from scandal-ridden state fund 1Malaysia Development Berhad (1MDB), according to various media reports.

US authorities are working towards returning around $200 million of funds that would include $140 million from selling a stake in New York’s Park Lane Hotel and around $60 million from a settlement paid by the producer of the Hollywood movie Wolf of Wall Street.

In a separate report, Bloomberg News said Singaporean authorities are also planning to return around $26 million linked to 1MDB previously surrendered by former Goldman Sachs banker Roger Ng and his family.

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Quoting another set of anonymous sources, the report said a Singaporean court has in recent weeks cleared the hurdles for the repatriation of the funds. According to Bloomberg News, the transfer from the US could happen as early as next week.

Authorities in at least six countries are investigating suspected money laundering and graft linked to 1MDB, set up in 2009 by the then Malaysian prime minister, Najib Razak.

Najib, who lost power in a general election last year, is facing more than 40 criminal charges related to losses at 1MDB and other government entities. He has consistently denied wrongdoing. On May 2, Malaysia’s  High Court ruled that Najib’s main 1MDB trial will kick off in three months.

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