SINGAPORE — A Singapore court has ordered the return of millions of dollars misappropriated from Malaysian state fund 1MDB in a cross-border financial scandal that helped topple former leader Najib Razak. Tan Rajah and Cheah, a Singapore-based law firm acting for 1MDB and the Malaysian government, said Monday the Singapore State Courts “have granted disposal orders” in respect to the money totalling Sg$15.3 million ($11.1 million). Last month, a yacht worth around a quarter of a billion dollars, allegedly bought by Malaysian businessman Low Taek Jho using money taken from 1MDB, was returned to Malaysia from Indonesia. Singapore authorities in 2016 said they had seized a total Sg$240 million ($174 million) in bank accounts and properties related to the 1MDB probe. The US Justice Department, which is seeking to recover assets allegedly bought with looted money, alleges that $4.5 billion was stolen from 1MDB.

Source: Philippine Daily Inquirer September 10, 2018 10:41 UTC