MALAYSIA may recover up to RM14 billion from 1MDB after launching investigations into looting at the state fund, reports Bloomberg.

Finance Minister Lim Guan Eng told the financial portal that an estimated RM50 billion was siphoned off 1Malaysia Development Bhd and Putrajaya aims to recover 10% of the amount “it we are lucky”.

“We couldn’t locate, we couldn’t trace where the money went and what they purchased,” Lim told Bloomberg Television in Putrajaya yesterday. 

“Those that we can trace, there’s also the question of ownership, due process as well as different national jurisdiction.”

He added that he expects more scandals “in the billion-dollar range” to be revealed during his time as the minister of finance.

“We will explain and we will review and disclose everything within 100 days, so that we can move on,” he told the financial broadcaster.

“Because we cannot be existing on one expose after another. Scandal after scandal. No. We want to move on after that.”

Former prime minister Najib Razak was previously charged with criminal breach of trust in connection with the transfer of RM42 million to his private bank account from former SRC International Sdn Bhd, a former 1MDB subsidiary.

This week, Malaysia appointed a Singapore law firm as its solicitor to institute legal action against 53 individuals and companies, to claim monies belonging to 1MDB.

Attorney-General Tommy Thomas approved the appointment of Tan Rajah & Cheah earlier this week.

The source said the Malaysian government will file an application at the high court in Singapore against the 53 defendants for orders to recover the monies.

The source said Thomas met Singapore Attorney-General Lucien Wong recently to facilitate the return of the funds, which have been frozen by Singapore authorities.

Among the 53 defendants is Malaysian businessman Low Taek Jho, better known as Jho Low. – July 20, 2018.