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Over 70% of 1MDB assets recovered so far, says MACC

MACC chief commissioner Azam Baki says efforts are ongoing to recover the remaining 30%, including in several places abroad.

2 minute read
Malaysian Anti-Corruption Commission chief commissioner Azam Baki.
Malaysian Anti-Corruption Commission chief commissioner Azam Baki.

Malaysian Anti-Corruption Commission (MACC) chief commissioner Azam Baki today said that more than 70% of 1MDB's assets and funds, equivalent to about RM28.93 billion, has been successfully recovered so far.

"As for the 30% balance, we want to recover as much as possible of this. Tracing these assets is still ongoing, including in several places abroad," he said, adding that the commission was one of the main agencies involved in recovering 1MDB's assets and funds.

Azam said MACC also played a role in the successful recovery of RM8.06 billion involving the International Petroleum Investment Company (Ipic).

On Feb 27, it was reported that the Minister of Finance Incorporated (MOF Inc) and 1MDB had reached a settlement on their dispute with Ipic and Aabar Investments PJS (Aabar PJS) pertaining to legal proceedings at the London Court of International Arbitration and the London High Court.

Ipic and Aabar PJS from Abu Dhabi agreed to pay US$1.8 billion (RM8.06 billion) to MoF Inc and 1MDB.
In another development, Azam said MACC had established a forensics unit to study elements of suspected corruption and embezzlement linked to the RM157 million losses suffered by Universiti Teknologi Mara (UiTM) Holdings Sdn Bhd.

He said the matter was still under investigation, and that all aspects would be taken into account in the interest of fairness.  

"We will announce the findings of the investigation once they are ready," he said.

A news report entitled "UiTM Holdings loses RM157 million" had claimed that the total loss was based on the calculation of accumulated pretax losses for four years – 2017, 2018, 2019 and 2021.

UiTM Holdings is an investment holding company wholly owned by UiTM which manages eight energy, healthcare, technology and creative-related companies