Malaysian fund sues Amicorp for alleged role in facilitating 7 bln USD fraud
Malaysian state fund 1Malaysia Development Berhad (1MDB) has filed a legal claim against corporate services provider Amicorp Group and its CEO Toine Knipping, alleging it facilitated over 7 billion USD in fraudulent transactions, the fund said on December 23.
1MDB is an investment fund founded by former Prime Minister Najib Razak in 2009. (Source: Reuters)
Kuala Lumpur (VNA) - Malaysian state fund 1Malaysia Development Berhad (1MDB) has filed a legal claim against corporate serviꦅces provider Amicorp Group and its CEO Toine Knipping, alleging it facilitated over 7 billion USD in fraudulen🐬t transactions, the fund said on December 23.
The claim was filed in the British Virgin Islands against eight Amicorp entities and its CEO, alleging that they played a vital role in enabling the sovereign wealth fund to be defrauded between 2009 and 2014. It estimates the value of the claim at over 1 billion USD.
On December 11, a Malaysian court approved the government’s application to bar PetroSaudi International and its chief executive from accessing 340 million USD connected to the 1MDB sovereign wealth fund. The ruling comes after Tarek Obaid, the Swiss-Saudi chief executive of the oil exploration and production company, was sentenced in August to seven years in prison in Switzerland over the embezzlement of 1.8 billion USD from 1MDB.
The multibillion-dollar financial scandal has led to criminal investigations around the world, including in the US, Switzerland and Singapore. The scandal led to the fall of Najib Razak’s government in 2018./.
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