US returns another RM1.3b of recovered 1MDB funds to Malaysia

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The US Department of Justice said on Tuesday it has repatriated another US$300 million (RM1.3 billion) to Malaysia in recovered money misappropriated from 1Malaysia Development Berhad, or 1MDB, the country's sovereign wealth fund. The government of former Malaysian prime minister Najib Abdul Razak set up the 1MDB fund in 2009. The DOJ has estimated that US$4.5 billion (RM19.49 billion) was siphoned out of Malaysia by high-level fund officials and their associates between 2009 and 2014 in a scandal that has also embroiled Goldman Sachs Group Inc. The funds were laundered through financial institutions in several jurisdictions, including the United States, Switzerland, Singapore and Luxembourg. The Justice Department last year said it had recovered US$1 billion (RM4.33 billion) in assets associated with the corruption scandal, its largest-ever civil forfeiture. Some of those fund…