US returns US$300 million of 1MDB money, says Muhyiddin

Updated 4 years ago · Published on 15 Apr 2020 10:06AM · 3 Comments

Prime Minister Muhyiddin Yassin thanks the US government for its assistance and cooperation in facilitating the recovery of money stolen from 1MDB. – The Malaysian Insight file pic, April 15, 2020.

THE United States has returned US$300 million (RM1.3 billion) of 1Malaysia Development Bhd (IMDB) money to Malaysia, said Prime Minister Muhyiddin Yassin.

“This represents the funds recovered from asset seizures related to 1MDB under the Kleptocracy Asset Recovery Initiatives of the US Department of Justice (DoJ),” he said today in a statement.

Muhyiddin said Low Taek Jho aka Jho Low had on October 20, 2019 reached a settlement with the DoJ pertaining to numerous forfeiture claims filed by the US authorities on assets the Malaysian businessman had purchased using 1MDB money. 

“The US$300 million represents some of those assets which had been forfeited and later sold. It also includes proceeds from 1MDB-linked assets that were given up or forfeited by individuals linked to Jho Low.”

The DoJ today announced it had sent to Malaysia US$300 million in funds stolen in the 1MDB corruption scandal that had been laundered through the global financial system.

With the latest payment, Malaysia has received a total of US$620 million of 1MDB’s money in the form of sale proceeds or assets, said Muhyiddin.

He said the process is ongoing to sell Low’s remaining forfeited assets under the DoJ consent forfeiture judgment.

“I would like to express my gratitude to the US government, particularly the US Embassy in Kuala Lumpur, for their excellent assistance and cooperation in facilitating the return of US$300 million. I would also like to commend Malaysia’s finance minister and attorney-general for their roles in the negotiation process,” said Muhyiddin.

Meanwhile, Finance Minister Tengku Zafrul Abdul Aziz has released a breakdown of 1MDB money recovered thus far. They are US$57 million from proceeds of settlement with Red Granite Pictures (March 2019); US$137 million from sale proceeds of Low’s interest in Park Lane Hotel (April 2019); US$126 million from judicial sale of Equanimity yacht by the Malaysian Admiralty Court (December 2019); and US$300 million (April 2020)

“The latest tranche of US$300 million is made up of money and assets linked to 1MDB that were recovered and forfeited or surrendered to the US DoJ,” Tengku Zafrul said in a statement today. – April 15, 2020.

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Comments

  • Why return if it is not a scandal and theft, Najib Razak?

    Posted 4 years ago by Penganalisa L · Reply

  • What is MALAYSIA JUDICIARY DOING N WITH LENS IS THE JUDICIARY ACCESSING THE 1MDB SCANDAL. Will Innocent RAKYAT Get JUSTICE. 1MDB FUNDS BELONG TO RAKYAT NOT POLITICIANS.

    Posted 4 years ago by Lucky Boy · Reply

  • Thankfully this is money due to the PH coming into power. Otherwise the BN govt will continue to deny its existence. Now the thieves are back in power and its an irony that they get to spend the money they helped steal. I do hope that TSMY does not work towards acquitting the parties that have been charged for grand larceny of the country and make sure they get convicted even if it means their supporters will desert TSMY's premiership. But is he brave enough to do this, I wonder. esp with a traitorous deputy

    Posted 4 years ago by Mike Mok · Reply