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Malaysia's 1MDB sues corporate services provider Amicorp for allegedly facilitating US$7b in fraud

02:02 Min

Malaysia's scandal-hit state fund 1MDB is suing corporate services provider Amicorp Group and its CEO for more than US$1 billion. They were alleged to have facilitated more than US$7 billion in fraudulent transactions over a five-year period. Amicorp is accused of leveraging its subsidiary, Barbados-registered Amicorp Bank, to gain access to the global financial system. This allegedly allowed stolen funds to be repeatedly cycled through various accounts, creating a false paper trail to disguise the theft. Afifah Ariffin reports from Kuala Lumpur.

Malaysia's scandal-hit state fund 1MDB is suing corporate services provider Amicorp Group and its CEO for more than US$1 billion. They were alleged to have facilitated more than US$7 billion in fraudulent transactions over a five-year period. Amicorp is accused of leveraging its subsidiary, Barbados-registered Amicorp Bank, to gain access to the global financial system. This allegedly allowed stolen funds to be repeatedly cycled through various accounts, creating a false paper trail to disguise the theft. Afifah Ariffin reports from Kuala Lumpur.

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