MACC Seeks To Recover Another USD2 Bln In 1MDB Funds By 2027

PUTRAJAYA, May 6 (Bernama) -- The Malaysian Anti-Corruption Commission (MACC) is tracking another USD2 billion in 1Malaysia Development Berhad (1MDB) funds to be repatriated to Malaysia by the end of 2027.

Chief commissioner Tan Sri Azam Baki said the funds are believed to be linked to several individuals who are still suspected of holding assets and proceeds connected to the scandal overseas.

“We want to recover another USD2 billion, and to me, that is another hurdle we need to overcome.

“It is a challenge we will face moving forward, particularly on the legal front. However, I can say that MACC has good cooperation with foreign countries,” he told a press conference here today.

He said MACC’s achievement in recovering RM31.3 billion, or 74.5 per cent of the RM42 billion in 1MDB funds allegedly misappropriated, is something to be proud of.

“That is an achievement I believe is the highest in Malaysia’s history. Our commitment in addressing the 1MDB case began on July 3, 2015. That was history because I was the one who opened the 1MDB file.

“So from 2015 to 2025, it has been about 10 years...the current process is to recover the money,” he said.

Earlier, Azam said Malaysia had recovered RM31.3 billion, or 74.5 per cent of the RM42 billion in misappropriated 1MDB funds as of last year.

He said the achievement is among the highest asset recovery rates globally for a large-scale financial crime scandal.

The amount recovered also exceeds the earlier estimate of 70 per cent, or RM30 billion, stated in previous reports, he added.

-- BERNAMA