1MDB sues Amicorp, co-founder for alleged role in facilitating US$7bil fraud

Free Malaysia Today

The company is seeking over US$1 billion in damages from the global corporate services provider and its eight entities.   Read More:  https://www.freemalaysiatoday.com/category/nation/2024/12/23/1mdb-sues-amicorp-co-founder-for-alleged-role-in-facilitating-us7bil-fraud/  Laporan Lanjut:  https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/12/23/1mdb-saman-amicorp-pengasas-atas-dakwaan-subahat-seleweng-usd7-bilion/  Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #Amicorp #1MDB

Transcript

00:001MDB and its subsidiaries have begun legal action against Amicorp Group and its co-founder

00:06Tuan Kipping for allegedly facilitating the laundering of over US$7 billion in misappropriated

00:13funds.

00:14The lawsuit claims that Amicorp played a vital role in fraudulent transactions from 2009

00:19to 2014, which resulted in the theft of funds from 1MDB.

00:24Amicorp is accused of providing access to the global financial system through its subsidiary

00:29Barbados-registered Amicorp Bank, allowing the repeated cycling of assets and the creation

00:34of a false paper trail to cover up the stolen funds.

00:38The stolen money was allegedly funneled through a global network that spanned Singapore, Barbados,

00:43Curaçao, Hong Kong and the British Virgin Islands.

00:47A spokesman from the 1MDB board said there was strong evidence suggesting that Amicorp

00:52was fully aware of its involvement in a dishonest and illegal money laundering operation designed

00:57to divert funds meant for Malaysians.

01:00The lawsuit filed in the BVI on December 20 against eight Amicorp entities seeks damages

01:06exceeding US$1 billion from the global corporate services provider.

01:101MDB is seeking to hold Amicorp accountable for dishonest assistance in breaches of fiduciary

01:16duty and conspiracy to commit unlawful acts.

Category

Transcript

Be the first to comment

Recommended