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

Kuala Lumpur

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

US authorities say about US$4.5 billion was siphoned from 1MDB between 2009 and 2014, in a globe-spanning theft that has implicated high-ranking officials and financial institutions in multiple countries.

The Malaysian government has said billions more remain unaccounted for.

Malaysia has recovered about RM20.5 billion (S$6.7 billion) in 1MDB assets so far, the Malaysian Anti Corruption Commission said in a statement.

Efforts to recover more are ongoing, in countries including Switzerland, Kuwait, Mauritius, Cyprus, and Hong Kong, the commission added.

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Former Malaysian prime minister Najib Razak was in office from 2009 until 2018, when his party suffered a shock defeat at the general election after he was implicated in the 1MDB corruption scandal.

He was sentenced to 12 years' jail last year for corruption in the case, although he has been allowed to stay out of prison pending his appeal and continues to be a Member of Parliament. REUTERS