Malaysia’s scandal-hit 1MDB sues Amicorp, seeks $1bn for alleged fraud
Al Jazeera
The scandal-hit fund says Amicorp ‘played a vital role’ in facilitating the laundering of more than $7bn.
Malaysia’s scandal-hit 1Malaysia Development Berhad fund has said it will sue corporate services provider Amicorp Group and its CEO Toine Knipping for more than $1bn, for allegedly facilitating more than $7bn in fraudulent transactions over a five-year period.
The insolvent 1MDB alleges that Amicorp, with its headquarters in Hong Kong, created and managed a complex conspiracy consisting of layers of shell companies, sham transactions, and fraudulent financial structures that obscured the true origin and destination of the funds.
“We are bringing this action to seek justice for the role we allege Amicorp played in facilitating the laundering and ultimate dissipation of billions of dollars in stolen funds,” 1MDB said in a statement on Monday.
It highlighted that Amicorp “played a vital role in enabling sovereign wealth fund to be defrauded by facilitating the laundering of over $7 billion in misappropriated funds between 2009 and 2014”.
Stolen funds were purportedly routed through Singapore, Barbados, Curacao, Hong Kong, and the British Virgin Islands, 1MDB said.
