1MDB claims Rosmah illegally amassed US$346m of luxury goods using its funds

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Datin Seri Rosmah Mansor allegedly amassed a massive collection of jewellery, handbags, and other luxury goods worth US$346 million using funds from 1Malaysia Development Bhd (1MDB), the High Court told.

Bernama

This was revealed in 1MDB’s statement of claim in its suit against the wife of incarcerated former prime minister Datuk Seri Najib Razak and Singaporean designer Shabnam Naraindas Daswani also known as Natasha Mirpuri.

The company claimed that a total of 320 payments totalling US$346,010,498 were made to 48 different vendors in 14 countries between 2010 and 2014.

The 14 countries are British Virgin Islands (one), Hong Kong (nine), India (four), Indonesia (two), Italy (three), Lebanon (three), Mauritius (one), Panama (one), Singapore (one), Thailand (two), United Arab Emirates (seven), Turkey (two), the United Kingdom (two) and the United States (seven).

“The vendors include both corporations and individuals, with some of them having been dissolved and ceased operating.

“These payments are traceable to and represent the monies misappropriated from 1MDB and its four subsidiaries and SRC International (former subsidiary),” claimed the plaintiffs.

The plaintiffs claimed its funds which were to be utilised for investments in various ventures were instead wrongfully or fraudulently transferred out to entities registered in offshore jurisdictions which had no connection with or served no legitimate purpose in relation to the purported investment objectives.

The company asserted that the funds were routed through numerous offshore entities and bank accounts controlled by individuals, including Najib and his associates.

“These entities as well the transactions between them involving the fund, served no legitimate commercial purpose other than to act as a conduit for the onward movement and diversion of the funds to obscure final destinations.”

The plaintiffs are seeking a court order to compel Rosmah to pay US$346,010,489 or such other sum as to be assessed by the court.

They are also seeking damages or fair compensation to be determined by the court.

On May 10, 2022, 1MDB filed a combined total of 22 civil suits against various parties, including Najib to recover RM96.6 billion in assets.

The Finance Ministry in a statement said six of the 22 writs were filed by 1MDB, while the remaining 16 were by its former subsidiary SRC International Sdn Bhd.

The civil suits were filed as an effort by both entities to recover their assets with a combined total in excess of RM96.6 billion including approximately RM300 million against various local parties.

The writs filed by 1MDB are against a total of nine entities – including two foreign financial institutions, and 25 individuals. – NST