1MDB asset recovery: Nearly RM1bil paid in Malaysia

The 1Malaysia Development Bhd asset recovery team is in the midst of efforts to recover RM974 million that have been distributed to local individuals and groups by Datuk Seri Najib Razak. The amounts were doled out from his main AmIslamic Bank account from 2011 and 2014. 

The Edge Malaysia reports that the money has its origins in 1MDB, and between 2011 to 2013, approximately RM3.217 billion was transferred into that account.

Via hundreds of cheques, Najib paid out RM154.88 million to 85 individuals, RM325.03 million to 51 companies, RM469.59 million 49 branches and divisions of BN political parties, and RM24.42 million to 17 non-governmental organisations and foundations.

The money trail left by the cheques have allowed investigators to trace the payments and will be asking those who received the money to return it to 1MDB.

The recovered amount will include the sum received from the future sale of the Equanimity, and will be deposited in a bank account that will be used to receive the recovered cash. 

Two of the business, an Umno division and an individual that were on the receiving end of the money have been named when Najib faced the 25 new money laundering charges on Sep 20. 

Najib stands accused of having paid RM20.1 million to the Batu Kawan Umno division, RM2 million to ORB Solutions Sdn Bhd, RM303,000 to Semarak Konsortium Satu Sdn Bhd, and RM246,000 to Lim Soon PEng.

The publication quotes sources who say that the charges have not spanned the full RM974 million from the account. 

The company that received the most, according sources, is event organiser Solar Shine Sdn Bhd. Receiving RM109 million, directors and shareholders are Muhammad Zaki Ilias and Mazlan Saidin. 

The biggest payment to an individual was RM59 million, to Sarawak businessman Tan Sri Bustari Yusuf. 

Umno received the most amongst political parties, at RM415.75 million, while MIC received RM20.25 million and MCA received RM16.5 million.

Those on the receiving end of the funds may have been paid for legitimate reasons, but will still be asked to return the funds. It is unlikely that they will be charged, especially if they cooperate with investigators.