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According to Malaysia’s anti-graft agency, Singapore recently refunded $16.3 million tied to a multibillion-dollar crisis at state fund 1MDB.
Approximately $4.5 billion was allegedly stolen from 1Malaysia Development Berhad (1MDB) between 2009 and 2014, according to US investigators, in a global fraud involving high-ranking officials and financial institutions from numerous countries.
Malaysia has stated that billions of dollars are still missing. The Malaysian Anti-Corruption Commission said in a statement that it had recovered around 20.5 billion ringgits ($4.90 billion) in 1MDB assets so far.
More recovery efforts are underway in nations such as Switzerland, Kuwait, Mauritius, Cyprus, and Hong Kong, according to the report.
Story by : Norvisi Mawunyegah