Asia Malaysia pursuing civil action to recover nearly $1 billion from former 1MDB...

Malaysia pursuing civil action to recover nearly $1 billion from former 1MDB unit

Image result for Finance Minister Lim Guan Eng
Finance Minister Lim Guan Eng

Malaysia is pursuing civil action to recover about 4 billion ringgit ($954.65 million) of funds disbursed by a former subsidiary of 1MDB, a now-defunct state fund under investigation for money laundering, the finance minister said on Wednesday.

“Considering a large portion of the funds had been used across the world, the government is taking the necessary steps to repatriate as much of the 4 billion ringgit,” Finance Minister Lim Guan Eng said in a statement.

BSI Bank in Switzerland and Julius Baer in Hong Kong are among firms that received the funds from SRC, Lim said.

Previous articleIran and Europe unlikely to agree on nuclear pact in next few days – Rouhani
Next articleRBS makes fresh 600-900 million pounds provision for PPI claims