Malaysia strives to recover assets in 1MDB scandal

VNA
The Government of Malaysia is looking to locate at least 18 billion ringgit (equivalent to US$4.34 billion) worth of further assets linked to a scandal at the state fund 1MDB.

The 1MDB was founded by former Prime Minister Nazib Razak in 2009 with the aim of boosting the country’s socio-economic development. (Illustrative image. Source: AFP/VNA)

The 1MDB was founded by former Prime Minister Nazib Razak in 2009 with the aim of boosting the country’s socio-economic development. (Illustrative image. Source: AFP/VNA)

Speaking at a press conference on November 5, Latheefa Koya, head of the Malaysian Anti-Corruption Commission (MACC), said Kuala Lumpur is working with at least five countries to rover the assets.
This is what the country is working on to locate, investigate and find out where these properties are, she told reporters.
The 1MDB was founded by former Prime Minister Nazib Razak in 2009 with the aim of boosting the country’s socio-economic development.
Malaysian and American investigators believe that the fund has looted about US$4.5 billion, about $1 billion of which was sent to Nazib’s personal bank account.
At least six countries are investigating the scandal.

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