1MDB Files $1 Billion Lawsuit Against Amicorp Amidst Scandal

1Malaysia Development Berhad (1MDB) has filed a $1 billion legal claim against Amicorp Group in the British Virgin Islands, alleging its involvement in over $7 billion in fraudulent transactions. The claim is part of efforts to recover misappropriated assets from the infamous multibillion-dollar graft scandal.

1Malaysia Development Berhad (1MDB) has launched a $1 billion legal claim against corporate services provider Amicorp Group, alleging its facilitation in over $7 billion of fraudulent transactions. The suit was filed in the British Virgin Islands against eight entities and CEO Toine Knipping.

According to 1MDB, Amicorp played a key role in defrauding the sovereign wealth fund between 2009 and 2014. Investigators had previously connected $4.5 billion in siphoned funds to high-profile figures, including former Prime Minister Najib Razak, who is currently in prison.

1MDB accuses Amicorp of orchestrating a web involving shell companies and sham transactions to hide the misappropriated money. Legal action is part of Malaysia's broader attempt to reclaim stolen assets, with $6.06 billion already recovered, state news agency Bernama reported.

(With inputs from agencies.)