KUALA LUMPUR (April 28): The Malaysian Anti-Corruption Commission (MACC) has obtained a court order to freeze about US$1.7 million (RM6.7 million) held in two overseas bank accounts believed to be linked to misappropriated funds from 1Malaysia Development Bhd (1MDB).
The anti-graft agency said the prohibition order was granted by High Court judge Datuk Azhar Abdul Hamid on Tuesday following an application under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
The funds are held in accounts at Amicorp Bank and Trust Ltd in Barbados and are believed to be connected to proceeds of unlawful activities involving 1MDB.
MACC said the action followed investigations by its Special Operations Division, which found that between 2014 and 2019, several individuals who were account holders and directors of offshore companies were suspected of receiving, concealing, and transferring illicit funds through the Barbados accounts.
The court order covers US$56,286 in an account belonging to Lambasa Global Opportunity Fund BV and US$1.65 million in an account belonging to Universal Ventures Fund SCC.
MACC chief commissioner Tan Sri Azam Baki said the action reflects the agency’s continued commitment to trace and return misappropriated funds to the country.
“In the current challenging global economic environment, including uncertainties arising from the conflict in the Middle East, asset recovery is not merely an enforcement measure, but a responsibility to safeguard the country’s financial interests,” he said.
“Every ringgit successfully recovered belongs to the Malaysian people and will continue to be fought for,” he added.
Azam said MACC will continue strengthening international cooperation and utilise all available legal channels to trace, freeze and forfeit assets hidden abroad.
The latest order adds to a series of MACC asset recovery efforts linked to the 1MDB scandal, including the recent repatriation of four artworks purchased by former 1MDB associate Jasmine Loo.
The artworks, with an estimated combined value of US$198,125 (RM786,556), form part of 12 art assets linked to 1MDB previously estimated at around US$30 million.
To date, Malaysia has recovered about RM31.2 billion in assets linked to 1MDB, representing nearly 70% of the total identified assets.