Malaysia will not charge those who willingly return 1MDB funds


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Malaysia has recovered about MYR 919 million from 1MDB so far, including the return of funds from the US and Singapore.

Sunday 23, June 2019

(Bloomberg) --Malaysia is taking a pragmatic approach to recoup funds lost through 1MDB, saying it will not press charges against those who return the money voluntarily.

Latheefa Koya, the Chief Commissioner of Malaysian Anti-Corruption Commission (MACC), said that the commission has named 41 respondents in a forfeiture lawsuit to recover MYR 270 million ($65 million) that originated from former Prime Minister Najib Razak’s account.

“If they voluntarily decided to give back the money, all is well and true, that is what we're focusing on, and since the law is clear and we have alternative ways of recovering the money, we will go for the most pragmatic way,”Latheefa said.

The agency is not ruling out any action against those who returned the money if they were later found to be involved in money laundering.

MACC will focus on onshore asset recovery, with global efforts overseen by another team, added Latheefa.

The globe-spanning 1MDB scandal has reached the highest levels of Malaysian politics and ensnared Goldman Sachs Group in its first criminal case. Former Prime Minister Najib Razak is currently facing trial for the first set of 1MDB-linked charges against him.

The country is still seeking to recover $5 billion in global assets thought to be lost through 1MDB, MACC Deputy Chief Commissioner Azam Baki said—that is more than the $4.5 billion that US prosecutors estimated because of the inclusion of local transactions linked to SRC International and appreciation in asset value.

Malaysia will name the members of the task force focused on the global asset recovery soon, Baki said.

The local MYR 270-million forfeiture names branches of opposition party United Malays National Organisation, as well as politicians, companies and NGOs as recipients of the fund.


TAGS : 1MDB, Malaysian Anti-Corruption Commission, former Prime Minister Najib Razak, Goldman Sachs Group

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