Singapore expected to return $11 million in 1MDB-linked funds to Malaysia

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According to recent reports, Singapore is expected to return the $11 million in 1MDB-linked funds to Malaysia which it has taken from Malaysia for development purposes. On Monday, the Malaysian government said that Singapore was given a court order to return to Malaysia about $15.3 million which was just a small part of the total amount seized by the city state as a probe which was divided into transactions parts which were linked to the scandal state fund referred to 1MDB whereby lawyers were involved during the offer of the court order.

Singapore according to reports, is among 6 countries whereby investigations claims is been done concerning about $4.5 billion siphoned off from the 1Malaysia Development Berhad (1MDB), a fund which was formerly founded by the Najib Razak, the former Malaysian Prime Minister. However, Singapore authorities in 2016 said that they had seized $174 million in cash and others inform of properties as the result of the ongoing investigations on the 1MDB-related fund currently flowing through Singapore. Earlier in May, both Singapore and Malaysia come to an agreement to cooperate on making sure the 1MDB funds were returned to Malaysian government, and that the court order was just placed to clear the way forward for repatriation the funds first from Singapore. Nevertheless, Cheah, Tan and Rajah, which are law firm based in Singapore in a statement confirmed that the money was recovered in different firms of currencies from the 1MDB and all the former subsidiary and the SRC International.

However, the first phase involves S$15.3 million which was recovered off the ongoing efforts of recovering the funds and according to the procedure of recovery, the law firms said that this was unlawfully and more so misappropriated step taken by the SRC International Sdn Bhd Group of Companies which are involved in this fund. In addition to this, Millions more amount are expected to be recovered soonest and in time. The funds once recovered will be transferred immediately to a special recovery account of the 1MDB in Kuala Lumpur, which is the Malaysian capital.