PETALING JAYA: The Malaysian Anti-Corruption Commission (MACC) has filed a court order to forfeit the overseas assets belonging to Prince Turki Abdullah Al-Saud.
This involved around US$115.3mil (RM450.5mil) held in several Swiss bank accounts, including with JP Morgan (Suisse) SA and UBS Switzerland AG.
The application was filed under Sections 56(1), 59 and 61(2) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act.
MACC chief commissioner Tan Sri Azam Baki confirmed the court application when contacted yesterday.
He said they were committed to ensuring any proceeds obtained through illegal activities are dealt with according to the law.
In October last year, the MACC said it had obtained an order to block about US$115.3mil in transactions that had been held in three Swiss bank accounts under Prince Turki’s name.
It said then that the application was made based on information received in 2011 that Prince Turki had received, transferred and used funds derived from the misappropriation of 1Malaysia Development Bhd through his personal bank accounts.
“Through this order, MACC successfully blocked transactions involving US$87.15mil and US$12.78mil in two accounts with JP Morgan and US$15.39mil in an account with UBS Switzerland,” the MACC said in a statement then.
