KUALA LUMPUR (Jan 6): Malaysia is focusing on global financial institutions accused of facilitating misappropriation of funds linked to 1Malaysia Development Bhd, Channel News Asia (CNA) reported.
The government is requesting courts in Malaysia, Singapore and Hong Kong to set early hearing dates in 2026 to “fast-track” existing suits against the financial firms, said Datuk Seri Johari Abdul Ghani, who chairs a task force set up to recover assets of the state-owned company also known as 1MDB.
“We are also reviewing other banks and financial intermediaries involved in the flow of funds from 1MDB,” he was quoted as saying by the Singapore-based news channel.
Malaysia has filed lawsuits at home and abroad against Deutsche Bank AG, Standard Chartered plc, Julius Baer Group Ltd, and RBS Coutts. The company has also sued specialised corporate management Amicorp as well as law firm White & Case.
1MDB had earlier dropped suits against Goldman Sachs, JPMorgan and Coutts and Co after the firms agreed to pay billions of dollars as settlement.
Malaysia, nevertheless, is open to settlement negotiations, Johari was reported as saying by CNA. “If parties choose to enter into negotiations after suits are filed, we are open.”
On Oct 14, the Finance Ministry reported that more than RM20 billion had been reclaimed through settlements with several financial institutions involved in the scandal.
Separately, the Malaysian Anti-Corruption Commission had recovered about RM8 billion in cash and assets, which were already returned to the government’s consolidated fund under the Finance Ministry.