top of page

Amicorp Denies Fraud Allegations In Malaysia's $7 Billion 1MDB Scandal

Writer's picture: By The Financial DistrictBy The Financial District

Amicorp Group, a corporate services provider, has denied allegations of facilitating over $7 billion in fraudulent transactions linked to the misappropriation of funds from Malaysia's scandal-ridden state fund, 1Malaysia Development Berhad (1MDB), Daniel Azhar reported for Reuters.


The Malaysian sovereign wealth fund filed a $1 billion legal claim against Amicorp and its CEO Toine Knipping in the British Virgin Islands. I Photo: American Chamber of Commerce of Uganda Facebook



The Malaysian sovereign wealth fund filed a $1 billion legal claim against Amicorp and its CEO in the British Virgin Islands, alleging the firm played a critical role in enabling fraud between 2009 and 2014.


According to 1MDB, Amicorp established a web of shell companies, sham transactions, and fraudulent financial structures to conceal the true origin and destination of funds.



In its defense, Amicorp argued that the misappropriated 1MDB funds were "ill-gotten by or for the benefit" of senior Malaysian government officials and top management of United Arab Emirates sovereign funds.


Investigators in Malaysia and the U.S. have previously estimated that $4.5 billion was siphoned from 1MDB, implicating former Prime Minister Najib Razak, Goldman Sachs employees, and other high-level officials.


Najib, currently serving a prison sentence, has denied any wrongdoing. Amicorp stated that it would contest 1MDB's claims in court.




Comentários


Register for News Alerts

  • LinkedIn
  • Instagram
  • X
  • YouTube

Thank you for Subscribing

TFD [LOGO] (10).png

WHERE BUSINESS CLICKS

TFD [LOGO].png

The Financial District®  2023

bottom of page