Singapore court order to return $11 mln in 1MDB-linked funds to Malaysia
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 on Monday.
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.
Tan, Rajah, and Cheah, a Singapore-based law firm, said in a statement that the monies were recovered in various currencies from 1MDB and its former subsidiary, SRC International.
"Efforts to recover other unlawfully misappropriated assets are ongoing," the firm said.
Singapore has taken action against several banks and bank officials for violating money-laundering controls over transactions related to 1MDB, including the closure of units of BSI Bank and Falcon Bank. ($1 = 1.3803 Singapore dollars)