KUALA LUMPUR: Another RM14mil in assets related to the 1Malaysia Development Berhad (1MDB) case has been recovered and returned to the Malaysian government, says the Malaysian Anti-Corruption Commission (MACC).
The assets recovered totalled RM14,670,676.61 which included foreign currencies such as S$1,388,122.52 and US$85,868.53.
There were also $344,163.76 in New Zealand dollars and $3,181,097.67 in Australian money.
It said the funds recovered were tied to two individuals – Tan Kim Loong and Yak Yew Chee – who were involved in the 1MDB case.
Tan is a Malaysian who is said to be linked to fugitive businessman Low Taek Jho or Jho Low. A total of RM12,974,730.41 was returned to the government from the sale of properties and funds from his company’s account.
The transfers to the Asset Recovery Trust Account (Arta) under the Finance Ministry took place on Feb 18, March 7 and March 10, said MACC in a statement.
Another RM1,695,946.20 was recovered from Yak, a Singaporean citizen and former bank officer who was convicted in Singapore for his involvement in the 1MDB case.
According to the MACC, Yak’s funds were credited into Arta on Jan 21 last year.
With this, the total amount of assets recovered from the 1MDB case now stands at RM29,752,034,475.13, representing about 70% of the estimated RM42bil that was believed to have been misappropriated.
“This percentage reflects a very high asset recovery rate compared to global asset recovery efforts, thanks to the collaborative efforts of enforcement agencies and international cooperation.
“The success of this asset recovery demonstrates the effectiveness of the collaboration between MACC and Singapore’s Commercial Affairs Department in combating corruption and money laundering.
“MACC will remain committed to the efforts of recovering misappropriated national assets and will continue to work closely with international authorities in addressing cases of corruption and financial crimes,” it said.
