US DOJ repatriates $452m in 1MDB funds to Malaysia

The Petronas Towers peek through palm trees. Kuala Lumpur, Malaysia.

The U.S. Department of Justice (DOJ) has repatriated $452 million in misappropriated funds from 1Malaysia Development Bhd (1MDB), it said in a statement on Thursday, bringing the total amount recovered from the corruption scandal to $1.2 billion.

The funds, which were repatriated to Malaysia, had been laundered through major financial institutions worldwide, including in the United States, Switzerland, Singapore, and Luxembourg, the statement said.

“The funds include both funds finally forfeited and funds the Department assisted in recovering and returning. The Department continues to litigate actions against additional assets allegedly linked to this scheme,” it said.

1MDB raised billions of dollars in bonds, ostensibly for investment projects and joint ventures, between 2009 and 2013.

More than $4.5 billion in funds belonging to 1MDB were allegedly misappropriated by high-level officials at the firm and their associates through a criminal scheme involving international money laundering and embezzlement.

The scandal implicated high-level officials, banks and financial institutions around the world.In addition to the purchasing of luxury assets, including real estate and a superyacht, the DOJ said some of the embezzlement proceeds were also used to allegedly pay bribes.

Reuters 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.