Singapore orders return of first batch of pilfered 1MDB money


SINGAPORE: Singapore ordered millions of dollars misappropriated from the beleaguered 1MDB to be returned to Malaysia, the first time the city-state has repatriated assets to its neighbor following a globe-spanning probe.

The funds in various currencies total about S$15.3 million ($11.1 million) and are being transferred to a special 1MDB recovery bank account in Kuala Lumpur, according to an emailed statement Monday from Tan Rajah & Cheah, a Singapore law firm.

"Efforts to recover other unlawfully misappropriated assets are ongoing,"? said Tan Rajah & Cheah, which is advising the Malaysia government and 1Malaysia Development Bhd. on recovery efforts. The so-called disposal orders for the repatriation were handed down by the Singapore State Courts, according to the statement.

Malaysia's Prime Minister Mahathir Mohamad has said he is seeking to claw back $4.5 billion potentially lost from 1MDB. Malaysian investigators are collecting information with cooperation from foreign authorities including the U.S. and Singapore to trace complex transactions that have spawned investigations in at least 10 countries.

Mahathir has said he wants the return of a $35 million Bombardier Global 5000 jet parked in Singapore. The plane belongs to financier Low Taek Jho, described by investigators as a key character in the probe. Low has consistently denied wrongdoing.

Singapore said last month it hadn't received a formal request from Malaysia for the return of the jet. - Bloomberg

Play, subscribe and stand a chance to win prizes worth over RM39,000! T&C applies.

Monthly Plan

RM 13.90/month

RM 11.12/month

Billed as RM 11.12 for the 1st month, RM 13.90 thereafter.

Best Value

Annual Plan

RM 12.33/month

RM 9.87/month

Billed as RM 118.40 for the 1st year, RM 148 thereafter.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Business News

FBM KLCI retraces slightly as Iran ceasefire discussions continue
Ringgit flat against US$, firmer vs major currencies
Trading ideas: Sunway, IJM, AMMB, AirAsia X, MNRB, Geohan, Reneuco, PT Resources, Topmix, Enest, Hibiscus, Bumi Armada, DXN
Kerjaya Prospek’s tender book robust at RM3bil
Geopolitical tensions unsettle the markets
Considerations on share-based fee for independent directors
YTL Power's DC business outlook looking rosy
Hanoi to tighten real estate standards
IJM awards Geohan highway extensions jobs
Easing cost pressures and store expansion to drive MyNews

Others Also Read