Synonymous with one of the world’s greatest financial heists, Malaysia’s now-defunct state fund 1Malaysia Development Bhd (1MDB) is ramping up its pursuit of stolen assets with new legal action against foreign financial institutions and individuals like former premier Najib Razak and fugitive businessman Low Taek Jho.
1MDB and its former subsidiary SRC International Sdn Bhd filed 22 civil suits seeking over US$23 billion at courts in Kuala Lumpur earlier this month, marking a new phase of efforts by Malaysia to recover funds lost to the globe-spanning embezzlement scandal.
An unnamed source told The Edge business daily, which on May 10 initially reported the filing of the suits, the moves were a sign that Prime Minister Muhyiddin Yassin and his ruling Perikatan Nasional (PN) are serious about pursuing wrongdoers linked to the scheme amid public restlessness with the slow pace of various 1MDB-linked criminal cases.
The litigation will also act to deepen an already wide rift within Muhyiddin’s governing coalition, which derives crucial support from graft-ensnared allies of Najib, who is increasingly at risk of losing his political rights to stand as a candidate in future elections pending court decisions.
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Nile Bowie is a journalist and correspondent with the Asia Times covering current affairs in Singapore and Malaysia. He can be reached at nilebowie@gmail.com.
