Singapore to Return RM46M 1MDB, SRC International Funds to Malaysia

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Singapore court allows 1MDB monies recovered to be transferred to Malaysia.

The Singapore State Courts have granted disposal orders for the monies that have been unlawfully misappropriated from 1Malaysia Development Bhd(1MDB) and its subsidiary SRC International Sdn Bhd Group of Companies.

Tan Rajah & Cheah, solicitors for the Malaysian government and the 1MDB group of companies, said that “the monies recovered are in various currencies with a total value of some S$15.3 million (RM43.9 million).”

“These monies are being transferred to the special 1MDB recovery bank account in Kuala Lumpur. Efforts to recover other unlawfully misappropriated assets are ongoing,” said the statement issued today (Sept 10).

These matters were agreed upon after a meeting was held between the 1MDB task force and Singaporean investigators on May 31.

Held at the Malaysian Anti-Corruption Commission (MACC) headquarters in Putrajaya, members of the task force discussed various issues pertaining to the investigation.

“The task force and Singaporean investigators have agreed to cooperate in recovering funds stolen from 1MDB,” sources said.

A total of nine senior officers from various Singaporean agencies, including its Attorney General’s Chambers, Commercial Affairs Department and Singaporean Financial Authority, attended the meeting with the task force members.

The 1MDB task force members are Bukit Aman Special Branch director Datuk Abdul Hamid Bador, former attorney general Tan Sri Abdul Gani Patail, MACC chief commissioner Datuk Seri Mohd Shukri Abdull, as well as his predecessor Tan Sri Abu Kassim Mohamed.