Over 70 per cent of assets, funds belonging to 1MDB recovered - Azam Baki

PUTRAJAYA - A total of RM28.93 billion, which is more than 70 per cent of the assets and funds of 1Malaysia Development Berhad (1MDB) are able to be recovered so far.

Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki said MACC was the main agency tasked to help the government recover assets belonging to the sovereign wealth fund.

"To date, a total of RM28.93 billion which is more than 70 per cent of the assets have been recovered in the 1MDB case," he said in a press conference after attending the signing ceremony of a Memorandum of Understanding (MoU) between MACC, Universiti Teknologi Malaysia Mara and the Malaysian Institute of Accountants, here, today.

He said the latest assets and funds that were recovered amounted to US$1.8 billion (RM8 billion) after reaching a settlement over the dispute with the International Petroleum Investment Company (IPIC) and Aabar Investments PJS (Aabar PJS).

"We estimate that about 70 per cent of the assets and funds have been recovered.

"We play an important role in the recovery (of funds and assets) including conducting investigations, making arrests and prosecuting those involved in 1MDB.

"MACC, especially the Anti-Money Laundering Division had played an important role in the effort to recover the assets," he said.

He said the efforts to recover the remaining 1MDB assets and funds were still ongoing.

"We will do our best to recover as much assets as possible," he said.

Yesterday, Prime Minister Datuk Seri Anwar Ibrahim praised the civil servants' effort, especially the Attorney General's Chamber and MACC for their success.

The reacquisition of funds from IPIC and Aabar PJS were considered a huge success.

Anwar said the success also showed the existing government official's expertise and skills without having to rely on consultants.

The Finance Ministry in a recent statement said the two investment firms had agreed to pay US$1.8 billion to Minister of Finance (Incorporated) and 1MDB.

The ministry had announced that the settlement was reached in a legal proceedings that took place at the London Court of International Arbitration and the London High Court.

With this solution, Malaysia and Abu Dhabi hoped to continue working together for the prosperity and economic benefit of both countries in the future.