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MACC ramps up global investigation into law firm over 1MDB money trail
KUALA LUMPUR, Dec 18 – The Malaysian Anti-Corruption Commission (MACC) has stepped up its investigation into an international law firm that it said helped embezzle some US$1 billion (RM4 billion) in 1MDB money, as part of its ongoing efforts to recoup stolen assets and funds.
Officials estimate that as much as RM42 billion from the state investment firm was siphoned off by several actors over several years.
Up to RM29,752,034,475.13, or 70 per cent of the total stolen assets, has been recovered to date, the MACC said earlier this year.
“This law firm is believed to be involved in the embezzlement of 1MDB funds worth US$1 billion, including the wiring of around US$700 million to an offshore entity that was out of 1MDB’s control,” a source from the commission said.
The commission is also looking at new leads from Tang Keng Chee, also known as Casey Tang, the fund’s former chief business development executive, who is suspected to be involved in the transaction.
“The investigation is based on information and intelligence gathering resulting from meetings and discussions with several countries, involving cross-border financial transactions and the roles of professionals in the 1MDB affair,” the source said.
Meanwhile, the MACC is ramping up efforts to obtain more information about several other individuals under its watch, who are believed to be involved in or have knowledge of the transaction.
