Singapore courts grant disposal orders for 1MDB-related funds

SINGAPORE: The Singapore State Courts have granted disposal orders in respect of monies that had been unlawfully misappropriated from the 1MDB and/or SRC International Sdn Bhd Group of Companies.

Solicitors for the Malaysian government, Tan Rajah & Cheah, in a statement yesterday said the monies are in various currencies with a total value of some S$15.3 million.

“These monies are being transferred to the special 1MDB recovery bank account in Kuala Lumpur. Efforts to recover other unlawfully misappropriated assets are ongoing,” it said.

Tan Rajah & Cheah is also the solicitors for 1MDB Group of Companies and SRC International Sdn Bhd Group of Companies.

In another update, the lawyer firm said the S$15.3 million recovered is the first phase of  ongoing efforts to recover the funds. It said the process of recovery was continuing and further announcements would be made in due course.

“Millions more are expected to be recovered in time,” it said.

The firm noted that as the investigative and recovery processes are in progress, it would be inappropriate to disclose further details at this stage. All funds recovered would be deposited into the 1MDB Recovery Bank Account, which has been specially set up for the purpose of receiving the misappropriated funds, it added.

In Putrajaya, Finance Minister Lim Guan Eng said Malaysia welcomes the move by the Singapore State Courts granting the return of 1MDB monies to the country.

“I hope this is the beginning of more to come. After all, the sum of these monies is only a tip of the iceberg to be returned relating to 1MDB.  We also want to thank the Attorney-General on his efforts which are now bearing fruits,” he said in a statement here yesterday. — Bernama

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