ADVERTISEMENT

Malaysia’s New Premier Calls for 1MDB Fund Recovery to Continue

Malaysia’s New Premier Calls for 1MDB Fund Recovery to Continue

(Bloomberg) -- Follow Bloomberg on LINE messenger for all the business news and analysis you need.

Malaysia’s Prime Minister Muhyiddin Yassin has called for a continuation of efforts to track down and recoup funds allegedly stolen from scandal-ridden 1MDB.

The country has successfully recovered 1.4 billion ringgit ($322 million) of funds missing from state investment fund 1Malaysia Development Bhd., with 6.9 billion ringgit identified, according to a statement issued by the Prime Minister Office’s on Tuesday. Efforts to bring back the funds involve 17 countries.

The continuation of 1MDB investigations and legal proceedings was in question as the country underwent a political upheaval that led to Muhyiddin becoming premier, backed by parties including one that’s been linked to the scandal. He has since called for his cabinet to keep fighting corruption and to declare their assets to the anti-graft agency.

©2020 Bloomberg L.P.