The US returned RM721.4 million in funds from the 1MDB scandal

KUALA LUMPUR: The United States (US) returned funds from the seizure of assets related to the 1Malaysia Development Berhad (1MDB) scandal worth about US$156 million (RM721.4 million) to Malaysia.

Berita Harian reported that the US Ambassador to Malaysia, Edgard D Kagan, said it was the fourth handover of funds obtained from the confiscation of assets related to 1MDB.

He said, the US Government is committed to return the misappropriated funds from 1MDB for the benefit of Malaysians.

Kagan held a meeting with the Prime Minister, Datuk Seri Anwar Ibrahim, yesterday to confirm the return of the funds following a petition submitted by the Malaysian government and approved by the US Department of Justice.

“The transaction makes a total of approximately US$1.4 billion (RM6.6 billion) of embezzled funds, which have been returned to Malaysia so far.

“We are very happy with the return of assets from the US Department of Justice investigation back to Malaysia.

“This extraordinary amount of money that was originally meant to improve the lives of Malaysians has finally been returned to its owner,” he said in a statement today.

He said those involved in the conspiracy, including officials, family members and friends, are said to have misappropriated more than US$4.5 billion in 1MDB funds.

He said they allegedly converted illegal money through a series of complicated transactions and fake companies with bank accounts in the US and abroad using false documents and statements.

“This transaction is said to be aimed at hiding the origin, source and ownership of the funds involved which eventually go through US financial institutions to be used in acquiring and investing in assets in the US and abroad,” he said.