Daily Flux Report

Malaysia's 1MDB files legal claim against Amicorp Group alleging over $7 billion in fraud

By Reuters

Malaysia's 1MDB files legal claim against Amicorp Group alleging over $7 billion in fraud

KUALA LUMPUR - Scandal-hit Malaysian state fund 1Malaysia Development Berhad has filed a legal claim against corporate services provider Amicorp Group and its CEO alleging it facilitated over $7 billion in fraudulent transactions, 1MDB said on Monday.

The claim was filed in the British Virgin Islands against eight Amicorp entities and its Chief Executive Officer Toine Knipping, alleging that they played a vital role in enabling the sovereign wealth fund to be defrauded between 2009 and 2014, 1MDB said in a statement. It estimates the value of the claim at over $1 billion.

Amicorp Group did not immediately respond to a request for comment.

(Reporting by Danial Azhar; Editing by Martin Petty)

Previous articleNext article

POPULAR CATEGORY

corporate

4716

tech

4993

entertainment

5808

research

2648

misc

5987

wellness

4573

athletics

6101