Singapore to return to Malaysia almost RM164 million in 1MDB money

19 Jul 2019 / 12:05 H.

SINGAPORE: Singapore is returning almost US$40 million (RM164 million) to Malaysia seized in connection the 1MDB scandal, police said.

The city-state is one of several countries that launched probes into allegations that billions of dollars were misappropriated from 1MDB in an elaborate ruse that stretched from Asia to the United States.

The scandal – allegedly Datuk Seri Najib Abdul Razak (pix), his family members and inner circle – played a key role in the defeat of his long-ruling Narisan Nasional (BN) coalition at the polls last year.

Singapore police said their commercial affairs department had filed applications to return around Sg$50.3 million (RM152) of seized money linked to 1MDB to Malaysia, and the courts have given their approval.

“Part of the monies have already been transferred to Malaysia, while the rest are still being processed by the banks,“ they said late Thursday.

Police did not say where the money was seized from.

The US Department of Justice, which has been seizing assets in the United States allegedly bought with stolen 1MDB money, believes that some US$4.5 billion (RM18.5 billion) was plundered from the fund.

Singapore’s investigations into 1MDB centred on allegations that its financial system was used to launder some of the stolen funds.

The financial hub has jailed a Swiss banker and three Singaporean private bankers for their roles in the affair.

It has closed the local branches of two Swiss banks, which were allegedly used to transfer illicit funds, for what regulators called massive lapses in financial controls.

Since his election defeat, Najib has been arrested over the scandal and went on trial in April. — AFP

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