Malaysia claims Singapore has returned $16.3 million in 1MDB funds

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Singapore has recently returned an estimated $16.3 million to Malaysia linked to a multibillion-dollar scandal at state fund 1MDB, Malaysia’s anti-graft agency said today (19 November).

According to Reuters, “U.S. authorities say about $4.5 billion was siphoned from 1Malaysia Development Berhad (1MDB) between 2009 and 2014, in a globe-spanning theft that has implicated high-ranking officials and financial institutions in multiple countries. Malaysia has said billions more remain unaccounted for.”

Malaysia has recovered about 20.5 billion ringgit ($4.90 billion) in 1MDB assets so far, the Malaysian Anti-Corruption Commission said in a statement.

Efforts to recover more are ongoing, in countries including Switzerland, Kuwait, Mauritius, Cyprus, and Hong Kong, they added.

Source: Reuters

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