Malaysia's 1MDB files legal claim against Amicorp Group seeking over $1 billion for alleged fraud

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Malaysia's 1MDB files legal claim against Amicorp Group seeking over $1 billion for alleged fraud
Fraud And False StatementsGovernment And PoliticsMalaysia Government
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Malaysia's 1MDB has filed a $1 billion claim against Amicorp Group and its CEO, accusing them of facilitating over $7 billion in fraudulent transactions.

Motorcyclists pass a 1 Malaysia Development Berhad billboard at the Tun Razak Exchange development in Kuala Lumpur, Malaysia , February 3, 2016.Scandal-hit Malaysia n state fund 1 Malaysia Development Berhad said Monday it has filed a legal claim of more than $1 billion against corporate services provider Amicorp Group and its CEO, alleging the firm knowingly facilitated over $7 billion in fraudulent transactions.

The claim was filed in the British Virgin Islands against eight Amicorp entities and its Chief Executive Officer Toine Knipping, alleging that they played a vital role in enabling the sovereign wealth fund to be defrauded between 2009 and 2014, 1MDB said in a statement.Malaysian and U.S. investigators had previously estimated $4.

Stolen funds were purportedly routed through Singapore, Barbados, Curacao, Hong Kong, and the British Virgin Islands, 1MDB said. "There is, in our view, strong evidence to suggest that Amicorp — at the highest levels — knew they were involved in a dishonest and illegal money laundering scheme designed to transfer large sums of cash away from its intended beneficiary — the people of Malaysia," a spokesperson for 1MDB said in the statement.

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