Singapore returning more than S$50 million of 1MDB-related money to Malaysia: Police

Singapore returning more than S$50 million of 1MDB-related money to Malaysia: Police

Hundreds of millions of dollars are believed to have been looted from the Malaysian state fund 1MDB
Hundreds of millions of dollars are believed to have been looted from the Malaysian state fund 1MDB. (File photo: AFP/MANAN VATSYAYANA)

SINGAPORE: About S$50.3 million of seized 1Malaysia Development Berhad (1MDB)-related money have either been transferred to Malaysia or are being processed by the banks for repatriation, said the Singapore Police Force on Thursday (Jul 18).

In response to queries from CNA, police said that court applications to return the money have been filed by the Commercial Affairs Department, in consultation with the Attorney-General’s Chambers.

"The first tranche of court applications for the return of about S$15.3 million in 1MDB-related (money) was granted in Sep 2018 and the second tranche of about S$35 million was granted in Mar 2019," police added.

"Part of the (money) have already been transferred to Malaysia, while the rest are still being processed by the banks."

READ: RM3.3 million spent in one day using Najib Razak’s credit cards, bank says

Last Friday, Malaysian Finance Minister Lim Guan Eng said that the country has recovered RM92.3 million (S$30.5 million) of 1MDB-related funds from Singapore.

In September last year, a Singapore court ordered S$15.3 million in 1MDB-related funds to be returned to Malaysia.

Singapore authorities had said in 2016 that they had seized S$240 million in cash and properties as a result of investigations into 1MDB-related fund flows in the country. 

RM925 MILLION IN VARIOUS CURRENCIES RETURNED

In his statement on Friday, Mr Lim said that a total of RM925.1 million (US$225 million) linked to 1MDB has been returned to the Malaysian government so far, adding that the funds recovered were in various currencies of different denominations.

Malaysia's Finance Minister Lim Guan Eng speaks during a news conference in Putrajaya
Malaysia's Finance Minister Lim Guan Eng speaks during a news conference in Putrajaya, Malaysia on May 24, 2018. (Photo: Reuters/Lai Seng Sin)

The minister said RM805.8 million was returned from the United States, of which RM567.8 million were from the Park Lane Hotel in Manhattan and RM238 million from Red Granite Pictures.

In addition, RM27 million was recovered in Malaysia, of which RM6.1 million was from the 1MDB Foundation and RM20.9 million from the state firm itself.

“This is the result of the efforts made by the authorities, including the Malaysian Anti-Corruption Commission, the Royal Malaysia Police, the Attorney-General’s Chambers and the cooperation with foreign authorities,” he said.

“Efforts to recover the funds will continue to repay 1MDB’s debts amounting to RM51 billion,” the minister added, adding that the amount included future interest payments guaranteed by the federal government.

READ: 1MDB - Malaysia's extraordinary financial scandal

READ: Malaysia to sell 1MDB-linked superyacht Equanimity for US$126m to Genting

Last month, Putrajaya said it is looking to recover about US$5 billion worth of foreign assets linked to 1MDB.

Malaysian and US investigators believe about US$4.5 billion was misappropriated from 1MDB by high-level officials of the fund and associates between 2009 and 2014.

Source: CNA/Bernama/aw/jt(mi)

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