'Millions more' in 1MDB-linked funds to be recovered, says Singapore law firm

Bede Hong Bede Hong Updated 7 years ago · Published on 10 Sep 2018 5:28PM · 4 Comments

A book on the 1MDB scandal being displayed during its launch in Petaling Jaya last month. The Singaporean law firm that has recovered RM45.9 million in 1MDB-linked funds says it was just the first phase and 'millions more' will be recovered in due time. – The Malaysian Insight file pic, September 10, 2018.

MILLIONS more in funds unlawfully misappropriated from 1Malaysia Development Bhd (1MDB) and subsidiary SRC International Sdn Bhd will be recovered by Singaporean authorities, said a law firm hired by Putrajaya to recover the money.

“The process of recovery is continuing and further announcements will be made in due course. Millions more are expected to be recovered in time,” said law firm Tan, Rajah & Cheah in its second statement today.

Earlier today, the firm announced that Singapore courts have granted disposal orders for 1MDB-linked funds amounting to S$15.3 million (RM45.9 million), which are being transferred to the special 1MDB recovery bank account in Kuala Lumpur.

The account has been specially set up for the purpose of receiving the misappropriated funds.

“The 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.

“As the investigative and recovery processes are in progress, it would be inappropriate to disclose further details at this stage,” the firm said, adding that all funds recovered will be deposited the same 1MDB recovery bank account.

Attorney-General Tommy Thomas has in July approved the appoint of law firm Tan, Rajah & Cheah to institute legal action against 53 individuals and companies to reclaim 1MDB’s funds. – The Malaysian Insight file pic, September 10, 2018.

The firm is hired by Putrajaya as its solicitor to institute legal action against 53 individuals and companies to reclaim 1MDB’s funds.

Attorney-General Tommy Thomas approved the appointment of the firm in July, Bernama reported, citing an unnamed source.

On May 31, the 1MDB special task force said Singapore and Malaysia agreed to collaborate to bring back the monies, believed to have been embezzled from the state investor. – September 10, 2018.

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Comments

  • Can we charge the legal fees back to the miscreants?

    Posted 7 years ago by Kenneth Tan · Reply

  • The mega projects signed by both leaders look so scammingknowing the money was managed as such.

    Posted 7 years ago by Tanahair Ku · Reply

  • good start...

    Posted 7 years ago by Jayachandran menon · Reply

  • Is UMNO going to claim 1MDB monies as their money? If not, they together with their barisan beneficiaries including PAS better cough it all back.

    Posted 7 years ago by Roger 5201 · Reply