KUALA LUMPUR (Dec 24): Amicorp Group said it would fight 1Malaysia Development Bhd’s (1MDB) claim of more than US$1 billion filed in the British Virgin Islands court.
The Hong Kong-headquartered corporate services firm “strongly denies” that it knowingly facilitated more than US$7 billion (RM31.43 billion) in fraudulent transactions related to 1MDB, Amicorp said in a statement.
“Amicorp will defend itself vigorously” against the allegations, and “will dispute the reliefs sought”, the company said.
The statement follows legal claims filed by 1MDB and its subsidiaries in the British Virgin Islands, alleging that Amicorp through its eight related entities played a pivotal role in facilitating the laundering of misappropriated funds from the state investment company between 2009 and 2014.
In the suits filed on Dec 20, the claimants accuse Amicorp of fraudulent trading, dishonest assistance in breaches of fiduciary duty, and conspiracy to commit unlawful acts.
The 1MDB scandal led to the downfall of former prime minister Datuk Seri Najib Razak, seizure of assets globally, and hefty fines on local as well as international banks following investigations spanning from the US to Singapore.
According to Amicorp, it has not been the subject of any investigations or accused of criminal offences in any jurisdictions, and has not been a party to any civil suits.
The company also highlighted its cooperation with the Singaporean and Swiss governmental agencies and criminal prosecutors and, through the Swiss prosecutor, the Malaysian prosecutor, based on mutual assistance in criminal matters.
The lawsuit against Amicorp is part of 1MDB’s broader international efforts to recover stolen assets. As of the end of September, a total of RM27.17 billion linked to 1MDB had been recovered and placed in the Assets Recovery Trust Account, according to Finance Minister II Datuk Seri Amir Hamzah Azizan.