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.
Comments