Reuters, Kuala Lumpur :
A Singapore court ordered the return to Malaysia of about S$15.3 million ($11.1 million), just a small portion of total seized in the city state as ..." /> Logo
11th-Sep-2018

Singapore to return $11m in 1MDB-linked funds to KL

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Reuters, Kuala Lumpur :
A Singapore court ordered the return to Malaysia of about S$15.3 million ($11.1 million), just a small portion of total seized in the city state as part of a probe into transactions linked to scandal-hit state fund 1MDB, lawyers for the fund and the Malaysian government said today.
Singapore is among at least six countries investigating claims that about $4.5 billion was siphoned off from 1Malaysia Development Berhad (1MDB), a fund founded by former Malaysian Prime Minister Najib Razak.
In 2016, Singapore authorities said they had seized S$240 million ($174 million) in cash and properties as a result of investigations into 1MDB-related fund flows through Singapore. In May, Singapore and Malaysia agreed to cooperate on returning the funds to the Malaysian government, and the court order cleared the way for the first repatriation of funds from Singapore.