9/11/2018 1:14:04 PM
|written By : Team India Se|
Singapore will return $15.3 million to Malaysia, a portion of the cash and assets seized in the transactions linked to the tainited 1 MDB, after a court here ordered it to do so,
Tan, Rajah and Cheah, a Singapore-based law firm, said in a statement, “The $15.3 million recovered is the first phase of the ongoing efforts to recover funds that were unlawfully misappropriated from the 1MDB and/or SRC Interna-tional group of companies. Millions more are expected to be recovered in time.".
The funds will be transferred to a special 1MDB recovery account in Kuala Lumpur.
Singapore is among at least six countries investigating claims that about US$4.5 billion (S$6.2 billion) was siphoned from 1Malaysia Development Berhad (1MDB), a fund founded by former Malaysian prime minister Najib Razak.
In 2016, the Singapore authorities said they had seized $240 million in cash and properties as a result of investigations into 1MDB-related fund flows through Singapore.