KUALA LUMPUR — May 3, 2019: Malaysia is hoping to recover US$7 billion that was allegedly misappropriated from 1Malaysia Development Berhad, with the United States preparing to return US$200 million and some from Singapore too.
According to a report by Bloomberg today, the US was in the midst of preparing to return that amount and that could come as soon as next week.
The report said this included US$140 million from the sale of a stake in New York’s Park Lane Hotel as well as a settlement from the producer of the Wolf of Wall Street movie worth US$60 million.
“They are going to give it back to us. They know this is our money. Singapore is also giving it back to us,” Bernama quoted Prime Minister Tun Dr Mahathir Mohamad after a Pakatan Harapan presidential council meeting.
Bloomberg said Singapore was going to return about S$35 million (S$1=RM3.04) which was surrendered by former Goldman Sachs banker Roger Ng and his family. It referred to a Singapore court order which was granted on March 21 for the money to be repatriated to 1MDB.
Goldman Sachs earned about US$600 million in fees for its work with 1MDB, which included three bond offerings in 2012 and 2013 that raised US$6.5 billion.
Last year, Switzerland Attorney-General Michael Lauber confirmed about US$7 billion of 1MDB’s fund was circulated in the global financial system and the Swiss government had frozen some 400 million Swiss francs (1 Swiss franc=RM4.07).