Authorities in Asia, the US and Europe have been working to coordinate their investigations into the money trail from 1MDB
Amicorp Group has rejected troubled state wealth fund 1Malaysia Development’s US$1 billion claim against the Hong Kong-based corporate services provider, vowing to defend itself in the British Virgin Islands suit.
The US$1 billion claim is inaccurate, and it would be left to the BVI Court of Justice to assess the suit, according to a statement by Amicorp. 1MDB, as the fund is known, together its subsidiaries and liquidators, had filed the suit on Dec 20 against Amicorp for facilitating fraudulent transactions.
“Amicorp strongly denies the allegations made by the Claimants relating to wrongful acts, including knowingly facilitating over US$7 billion in fraudulent transactions relating to the misappropriation of 1MDB’s funds,” it said in a statement to Bloomberg News on Tuesday (Dec 23).
1MDB’s multibillion dollar scandal has spanned multiple criminal probes around the world, including in the US. Authorities in Asia, the US and Europe have been working to coordinate their investigations into the money trail from 1MDB, as well as legal approaches toward asset recovery.
Former Malaysian Prime Minister Najib Razak – who founded 1MDB – is in jail for graft over his role in the scandal.
Amicorp said that it has not been subjected to regulatory investigations nor has it been party to any civil suit relating to the 1MDB scandal. It said it had cooperated with authorities and prosecutors from Singapore, Switzerland and Malaysia over its role in the scandal. BLOOMBERG
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