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Malaysia says Singapore has returned US$16.3 million in 1MDB funds

Malaysia says Singapore has returned US$16.3 million in 1MDB funds

FILE PHOTO: Traffic passes a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur, Malaysia, Jul 6, 2015. (Reuters/Olivia Harris)

KUALA LUMPUR: Singapore has recently returned to Malaysia about US$16.3 million linked to a multibillion-dollar scandal at state fund 1MDB, Malaysia's anti-graft agency said on Friday (Nov 19).

US authorities say about US$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 RM20.5 billion(US$4.90 billion) in 1MDB assets so far, the Malaysian Anti Corruption Commission said in a statement.

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

Source: Reuters/lk

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