PM: 1MDB recovery is about more than getting money back
KUALA LUMPUR: Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim said ongoing efforts to recover funds linked to the 1Malaysia Development Bhd (1MDB) scandal are about more than reclaiming billions of ringgit.
Prime Minister and Finance Minister Anwar Ibrahim emphasized that the ongoing 1MDB recovery effort extends beyond reclaiming billions of ringgit. Restoring trust in Malaysia's institutions and international standing is equally crucial, Anwar stated. The government remains committed to bolstering governance and institutional accountability to prevent a repeat of this magnitude, he added.
Malaysia has filed a S$1.3 billion damages claim against DBS Bank in Singapore, the latest cross-border legal action linked to 1MDB and SRC International funds. The claim, filed by four liquidating companies, alleges misuse of funds between 2013 and 2014. DBS has vehemently denied the claim and vowed to contest it. The scandal has left Malaysia with total obligations of RM51.4 billion, of which RM31.3 billion has been recovered, leaving RM20 billion in losses.
The recovery campaign has seen Malaysia collaborate with international partners, including the US, Switzerland, the UK, and Singapore, leading to significant settlements, such as JPMorganChase's RM1.4 billion contribution.
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