MACC Recovers More Than RM23 Million From 1MDB Assets Between 2023 And February 2024
Malaysian Anti-Corruption Commission (MACC) would like to inform on the latest recovery of 1Malaysia Development Berhad (1MDB) fund assets in the country and abroad, in which the Commission has successfully recovered a total of RM23,911,460.90 in cash and assets.
The cash and assets were recovered through forfeitures, including in the courts, as well as voluntary returns by five individuals to the Government of Malaysia.
The successful recovery of the monies is a result of tracking and recovering of funds belonging to 1MDB by the Anti-Money Laundering Division of MACC carried out in 2023 and most recently on 5 February 2024.
A total of RM556,275.64 was recovered on 30 August 2023 from 1MDB officer Nurzahid Taib, who had received the funds for Maximus and Catalyze projects which were deposited into the company account of Turquoise Coast Offshore Inc in which she has an interest.
This money was obtained through an Account Release Order under Section 60 of the Anti-Money Laundering, Anti-Terrorist Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA 2001) on 26 June 2023.
On 29 September 2023, a total of US$972,251.25, equivalent to RM4,551,399.45, was successfully returned to the Government of Malaysia through a voluntary handover by Datuk Amhari Effendi, Special Officer to Dato' Sri Najib Razak, via wire transfer from BSI Bank Switzerland.
Meanwhile, on 8 November 2023, the Kuala Lumpur High Court has ordered the forfeiture of three condominium units worth RM7.05 million owned by Mohammad Kamal Yan Yahaya, the foreign affairs adviser to Dato’ Seri Najib Razak.
This individual has received the 1MDB funds through Magnolia Project, Maximus Project and Catalyze Project into the company account of Spring Elite International Limited at BSI Bank, Singapore, in which he has an interest.
The three recoveries were made following the outcome of the trial of former bank officer at Goldman Sachs, Ng Chong Hwa or better known as Roger Ng at the Brooklyn Federal Court, United States in February 2022 for alleged complicity in the misappropriation of 1MDB funds.
Following the asset recovery process, the Kuala Lumpur High Court has ordered for the seizure of all assets in Malaysia and Singapore that belong to Jerome Lee Tak Loong, an accomplice of Low Taek Low, better known as Jho Low. On 5 February, the MACC has forfeited assets amounting to RM11,753,785.81 from
Jerome Lee and his wife, Koay Ying Ying.
The forfeiture application was made under Section 56 and Section 64 of the Anti-Money Laundering, Anti-Terrorist Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA 2001).
In total, since 2019 to date, a total of RM29.03 billion of 1MDB assets has been successfully returned through the cooperation of MACC and the Special Task Force on 1MDB Asset Recovery as well as foreign agencies.
MALAYSIAN ANTI-CORRUPTION COMMISSION
PUTRAJAYA
8 FEBRUARY 2024
