On February 3, 2016, in Kuala Lumpur, Malaysia, a motorcyclist passed by the 1Malaysia Development Bhd (1MDB) advertising board at the Tun Razak Exchange development area.
Olivia Harris | Reuters
Scandal-hit Malaysian state fund 1Malaysia Development Berhad said on Monday it had filed more than $1 billion in legal claims against corporate services provider Amicorp Group and its chief executive, accusing the company of knowingly facilitating more than $7 billion in fraudulent transactions.
1MDB said in a statement that the claim was made in the British Virgin Islands against eight Amicorp entities and its chief executive, Toine Knipping, alleging they played key roles in defrauding the sovereign wealth fund between 2009 and 2014. important role.
Amicorp did not immediately respond to a request for comment.
Malaysian and U.S. investigators have previously estimated that $4.5 billion has been misappropriated from 1MDB since its inception in 2009, which also implicated former Prime Minister Najib Razak. Goldman Sachs staff and senior officials elsewhere. Najib is currently in prison but has denied wrongdoing.
1MDB alleges that Amicorp created and managed a complex conspiracy that included layers of shell companies, sham transactions and fraudulent financial structures that concealed the true source and destination of the funds.
1MDB said the stolen funds were allegedly moved through Singapore, Barbados, Curacao, Hong Kong and the British Virgin Islands.
“We believe there is strong evidence that those at the highest levels of Amicorp knew they were involved in a dishonest and illegal money laundering scheme designed to divert large amounts of cash from its intended beneficiaries – the people of Malaysia,” a 1MDB spokesperson said in a statement.
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