Singapore returns Malaysia millions of USD linked to 1MDB scandal
Singapore is returning almost 40 million USD to Malaysia seized in connection with the 1Malaysia Development Berhad (MDB) scandal, Singaporean police said on July 18.
Najib (centre) is now facing dozens of charges for corruption, misappropriation of funds and abuse of power linked to the 1MDB.(Photo: EPA-EFE)
Singapore (VNA) – Singapore is returning almost 40 million USD toMalaysia seized in connection with the 1Malaysia Development Berhad (MDB)scandal, Singaporean police said on July 18.
Singaporean police said court applications to return around 37 million USD havebeen filed by the Singaporean Commercial Affairs Department, in consultationwith the Attorney-General’s Chambers, and the courts have given their approval.
Part of the money has already been transferred to Malaysia, while the rest arestill being processed by banks.
Police did not disclose where the money was seized from.
Singapore is one of several countries that launched probes into allegationsthat billions of US dollars were misappropriated from Malaysian sovereignwealth fund 1MDB in a elaborate ruse that stretched from Asia to the US.
The country’s investigations into 1MDB centred on allegations that itsfinancial system was used to launder some of the stolen funds.
The financial hub has jailed a Swiss banker and three Singaporean privatebankers for their roles in the affair.
Besides, it closed the local branches of two Swiss banks, which were allegedlyused to transfer illicit funds.
The 1MDB was set up by Malaysian former Prime Minister Najib Razak to developthe socio-economy. Najib is now facing dozens of charges forcorruption, misappropriation of funds and abuse of power linked to the fund.
The Malaysian Government has set up a special taskforce, who is responsible forprosecuting individuals involved in any wrongdoing in the management of thestate fund and reclaiming assets with the support of the US, Switzerland,Singapore, Canada and several other countries.-VNA
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Najib (centre) is now facing dozens of charges for corruption, misappropriation of funds and abuse of power linked to the 1MDB.(Photo: EPA-EFE) 
