KUALA LUMPUR (Reuters) – A Singapore court ordered the return to Malaysia of about S$15.3 million ($11.1 million), just a small portion of total seized in the city state as part of a probe into transactions linked to scandal-hit state fund 1MDB, lawyers for the fund and the Malaysian government said on Monday.<\/p>\n
Singapore is among at least six countries investigating claims that about $4.5 billion was siphoned off from 1Malaysia Development Berhad (1MDB), a fund founded by former Malaysian Prime Minister Najib Razak.<\/p>\n
In 2016, Singapore authorities said they had seized S$240 million ($174 million) in cash and properties as a result of investigations into 1MDB-related fund flows through Singapore.<\/p>\n
In May, Singapore and Malaysia agreed to cooperate on returning the funds to the Malaysian government, and the court order cleared the way for the first repatriation of funds from Singapore.<\/p>\n
Tan, Rajah and Cheah, a Singapore-based law firm, said in a statement that the monies were recovered in various currencies from 1MDB and its former subsidiary, SRC International.<\/p>\n
\u201cThe S$15.3 million recovered is the first phase of the ongoing efforts to recover funds that were unlawfully misappropriated from the 1MDB and\/or SRC International Sdn Bhd Group of Companies,\u201d it said in a statement.<\/p>\n
\u201cMillions more are expected to be recovered in time,\u201d it added.<\/p>\n
The funds will be transferred to a special 1MDB recovery account in Kuala Lumpur, the Malaysian capital.<\/p>\n
\u201cEfforts to recover other unlawfully misappropriated assets are ongoing,\u201d the firm said.<\/p>\n
Malaysia\u2019s finance minister Lim Guan Eng thanked the Singapore court for its decision and said he hoped it would be \u201cthe beginning of more to come\u201d.<\/p>\n
\u201cAfter all, the sum of these monies is only a tip of the iceberg to be returned relating to 1MDB,\u201d Lim said in a statement.<\/p>\n
Singapore has taken action against several banks and bank officials for violating money-laundering controls over transactions related to 1MDB, including the closure of units of BSI Bank and Falcon Bank.<\/p>\n
source:\u00a0https:\/\/www.reuters.com<\/p>\n","protected":false},"excerpt":{"rendered":"
KUALA LUMPUR (Reuters) – A Singapore court ordered the return to Malaysia of about S$15.3 million ($11.1 million), just a small portion of total seized in the city state as part of a probe into transactions linked to scandal-hit state fund 1MDB, lawyers for the fund and the Malaysian government said on Monday. Singapore is among at least six countries… Read more »<\/a><\/p>\n","protected":false},"author":116,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1788","post","type-post","status-publish","format-standard","hentry","category-article"],"_links":{"self":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/1788","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/users\/116"}],"replies":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/comments?post=1788"}],"version-history":[{"count":1,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/1788\/revisions"}],"predecessor-version":[{"id":1789,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/1788\/revisions\/1789"}],"wp:attachment":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/media?parent=1788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/categories?post=1788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/tags?post=1788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}