S’pore returns 1MDB funds

  • Nation
  • Tuesday, 11 Sep 2018

PETALING JAYA: The Singapore State Courts have granted disposal orders in respect of S$15.3mil (RM45.9mil) that had been unlawfully taken from 1Malaysia Development Bhd (1MDB) and/or SRC International Sdn Bhd’s group of companies.

Tan Rajah and Cheah, the solicitors for the Malaysian government, 1MDB and SRC International, said various currencies with a total value of S$15.3mil were recovered.

“The money is being transferred to the special 1MDB recovery bank account in Kuala Lumpur.

“Efforts to recover other unlawfully misappropriated assets are ongoing,” the law firm said in a statement yesterday.

In an immediate response to the development, Finance Minister Lim Guan Eng issued a statement saying: “We welcome the move where the Singapore State Courts have granted the return of 1MDB monies with a total value of some S$15.3mil (RM45.9mil) to the country and I hope this is the beginning of more to come. After all, the sum of these monies is only a tip of the iceberg to be returned relating to 1MDB. We also want to thank the Attorney-General on his efforts which are now bearing fruits”.

It was reported that Malaysian investigators and their Singaporean counterparts would work closely together on their investigations into the 1MDB scandal.

Among their duties are gathering evidence, tracking down witnesses and establishing a money trail.

These matters were agreed upon after a meeting was held between the 1MDB task force and Singaporean investigators on May 31.

Held at the Malaysian Anti-Corruption Commission (MACC) headquarters in Putrajaya, members of the task force discussed various issues pertaining to the investigation.

“The task force and Singaporean investigators have agreed to cooperate in recovering funds stolen from 1MDB,” sources said.

Both sides will also assist each other in gathering evidence and tracking down witnesses in Singapore.

They will also work towards establishing a money trail to track down existing 1MDB funds and assets.

Nine senior officers from various Singaporean agencies, including Singapore’s Attorney General’s Chambers, Commercial Affairs Department and Singaporean Financial Authority, attended the meeting.

The 1MDB task force members are Bukit Aman Special Branch director Datuk Abdul Hamid Bador, former attorney general Tan Sri Abdul Gani Patail, MACC chief commissioner Datuk Seri Mohd Shukri Abdull as well as his predecessor Tan Sri Abu Kassim Mohamed.

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