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Malaysia's former prime minister Najib Razak waves as he leaves a court in Kuala Lumpur after his trial over alleged involvement in 1MDB case, April 3, 2019. /VCG Photo
Malaysia is looking to recover about 5 billion U.S. dollars' worth of foreign assets linked to state fund 1MDB, set up in 2009 by then prime minister Najib Razak and the subject of money laundering probes, an anti-graft official said on Friday.
Malaysian and U.S. investigators believe about 4.5 billion U.S. dollars were misappropriated from 1Malaysia Development Berhad (1MDB) by high-level officials of the fund and associates between 2009 and 2014.
But many of the assets sought by investigators may have since increased in value, and include those linked to 1MDB's former subsidiary SRC International, Azam Baki said, a deputy commissioner at the Malaysian Anti-Corruption Commission (MACC).
"The amount is about 5 billion U.S. dollars... in many countries, all related to 1MDB," said Azam, adding that a separate task force will be set up to recover the assets.
At least six countries, including Singapore and Switzerland, are investigating alleged graft and money laundering at 1MDB.
Arul Kanda (C), former head of the sovereign wealth fund 1MDB, leaves the courthouse in Kuala Lumpur after being charged with altering an audit of the state fund in court, Malaysia, December 11, 2018. /VCG Photo
SRC is also the subject of graft and money-laundering probes in Malaysia.
Najib has been charged with 42 criminal offenses related to losses at 1MDB and other state entities. He has consistently denied wrongdoing.
Investigators allege about 1 billion U.S. dollars in 1MDB funds flowed into the bank accounts of Najib, who was ousted in a general election last year amid widespread public anger over the scandal.
On Friday, authorities filed civil forfeiture suits to seize 270 million ringgit (65 million U.S. dollars) disbursed from an account belonging to Najib, MACC's chief commissioner Latheefa Koya said.
The suits were filed on 41 people, companies and entities, most of them linked to Najib's party, the United Malays National Organization, Latheefa added.
Malaysia has so far recovered about 919 million ringgit in 1MDB funds, including cash voluntarily returned by those under probe for receiving illegal proceeds, she said.
Since 2016, the U.S. Department of Justice has filed forfeiture lawsuits on about 1.7 billion U.S. dollars in assets allegedly bought with stolen 1MDB funds, including a private jet, luxury real estate and jewelry.
Last month, the U.S. began returning to Malaysia some 200 million U.S. dollars recovered from the sale of seized assets.