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.
Fraud And False Statements Government And Politics Malaysia Government British Virgin Islands Hong Kong Curacao Barbados Singapore Goldman Sachs Group Inc Najib Razak Crime Malaysia Securities Fraud Business News
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