KUALA LUMPUR: The Singapore State Courts have granted disposal orders for the monies that have been unlawfully misappropriated from 1Malaysia Development Bhd (1MDB) and its subsidiary, SRC International Sdn Bhd Group of Companies.
Tan Rajah & Cheah, who are the solicitors for the Malaysian government and the 1MDB group of companies, said that “the monies recovered are in various currencies with a total value of some S$15.3 million (RM45.9 million).
The money was recovered in what it stated to be the first phase of ongoing efforts to recover funds, unlawfully misappropriated from the troubled state fund and or SRC International, and that “millions more are expected to be recovered in time.”
“These monies are being transferred to the special 1MDB recovery bank account in Kuala Lumpur which has been specially set up for the purpose of receiving misappropriated funds.
“Efforts to recover other unlawfully misappropriated assets are ongoing,” said the law firm in a statement today.
“As the investigative and recovery processes are in progress, it would be inappropriate to disclose further details at this stage.” it added.
Malaysia earlier appointed the legal firm to recover billions of ringgit linked to 1MDB which was reportedly kept in Singapore under the names of 53 individuals, including business mogul Low Taek Jho who is wanted by the authorities probing the financial scandal.
Another account holder in the pact is SRC International managing director Nik Faisal Ariff Kamil Nik Othman.
The special task force, appointed by Putrajaya to investigate the 1MDB scandal, was working with a similar task force formed by Singapore authorities to recover the money.
They were also collecting evidence and tracking down witnesses in Singapore as well as establishing a money trail to trace funds and existing assets.
At least six countries, including the United States and Switzerland, were investigating claims that US$4.5 billion (RM18.65 billion) was siphoned out of 1MDB, a fund founded by former prime minister Datuk Seri Najib Razak.
Authorities in Singapore had acted against several individuals such as former BSI Bank wealth planner Yeo Jiawei for involvement in 1MDB-related money laundering activities.
It also closed down Zurich-based Falcon Private Bank’s Singapore branch, and withdrew BSI Bank Ltd’s status as a merchant bank in Singapore.
Meanwhile, Finance Minister Lim Guan Eng said that he welcomed the return of the money.
“I hope this is the beginning. After all, the sum of these monies is only a tip of the iceberg to be returned relating to 1MDB. We also want to thank the Attorney-General Tommy Thomas on his efforts which are now bearing fruits.” he added.