KUALA LUMPUR – The Malaysian Anti-Corruption Commission (MACC) has contributed to the recovery of US$20 million (RM94 million) in misappropriated funds linked to the 1Malaysia Development Bhd (1MDB) global financial scandal.
In a statement today, the commission said it worked closely with the Federal Bureau of Investigation (FBI) and the United States Department of Justice (DoJ) to retrieve the funds tied to a solar energy project in Malaysia.
The recovered funds, according to the MACC, involve businessman Frank White Jr., who is also a partner in the investment firm DuSable Capital Management LLC.
“White Jr. voluntarily agreed to surrender the funds to the DoJ after discovering that the money received by DuSable originated from misappropriated 1MDB funds, even though he was unaware of the source at the time of the receipt,” the statement said.
The MACC added that, together with the Malaysian government, it remains committed to recovering 1MDB-linked assets. It noted that RM29.73 billion has been returned to Malaysia’s treasury to date, excluding the recently recovered US$20 million.
“MACC is also actively pursuing the recovery of misappropriated assets from Kuwait, Hong Kong, the United Kingdom and several European countries,” the statement said.
“These efforts will be further intensified through strategic cooperation with international partners to ensure that misused assets are returned for the benefit of the people and the nation.”
On January 17, the DoJ announced the recovery of US$20 million in misappropriated funds linked to 1MDB as part of an ongoing legal effort involving 43 civil forfeiture actions in the US. These actions have so far led to the seizure of over US$1.7 billion in assets.
In June last year, the DoJ reported recovering, returning, and assisting in returning approximately US$1.4 billion to Malaysia. These funds had been misappropriated from 1MDB, Malaysia’s former sovereign wealth fund, between 2009 and 2015 by high-level officials and their associates.
The misappropriated funds were used to purchase luxury assets, including high-end properties in New York and London, a superyacht, and art pieces by renowned artists. Among those implicated is Penang-born businessman Low Taek Jho, also known as Jho Low, who remains a fugitive wanted by authorities. – January 23, 2025