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Malaysia pursuing civil action to recover nearly $1 billion from former 1MDB unit

Malaysia pursuing civil action to recover nearly $1 billion from former 1MDB unit
FILE PHOTO: Men walk past a 1Malaysia Development Berhad (1MDB) billboard at the fund's flagship Tun Razak Exchange development in Kuala Lumpur March 1, 2015./File Photo -
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Olivia Harris(Reuters)
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KUALALUMPUR (Reuters) – Malaysia is pursuing civil action to recover about 4 billion ringgit (£777.6 million or $954.65 million) of funds disbursed by a former subsidiary of 1MDB, a now-defunct state fund under investigation for money laundering, the finance minister said on Wednesday.

“Considering a large portion of the funds had been used across the world, the government is taking the necessary steps to repatriate as much of the 4 billion ringgit,” Finance Minister Lim Guan Eng said in a statement.

BSI Bank in Switzerland and Julius Baer in Hong Kong are among firms that received the funds from SRC, Lim said.

(Reporting by A. Ananthalakshmi; Editing by Kim Coghill)

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