Malaysia’s 1MDB and former unit sue to recover $23bn

Malaysia’s sovereign wealth fund 1MDB and a former subsidiary filed 22 lawsuits on Monday looking to recover more than $23bn in assets from entities and people who allegedly defrauded them.

Malaysia’s finance ministry said on Monday that sovereign wealth fund 1MDB and a former subsidiary have filed 22 lawsuits to recover assets worth over $23bn from various institutions and individuals. The 1MDB fund was set up by former Prime Minister Najib Razak in 2009 but it accumulated billions in debts and sparked investigations in the United States and several other countries. US investigators allege that over $4.5bn was stolen from 1MDB and laundered by Najib’s associates. Finance Minister Zafrul Abdul Aziz said the government’s recovery efforts are now focused on “pursuing other wrongdoers” who have caused losses to 1MDB and SRC International following successful settlements with US firm Goldman Sachs, Malaysia’s AmBank Group and Deloitte PLT.