Singapore is returning almost 40 million USD to Malaysia seized in connection with the 1Malaysia Development Berhad (MDB) scandal, Singaporean police said on 18 July.

Najib (centre) is now facing dozens of charges for corruption, misappropriation of funds and abuse of power linked to the 1MDB.(Photo: EPA-EFE)

Singaporean police said court applications to return around 37 million USD have been filed by the Singaporean Commercial Affairs Department, in consultation with the Attorney-General’s Chambers, and the courts have given their approval.

Part of the money has already been transferred to Malaysia, while the rest are still being processed by banks.

Police did not disclose where the money was seized from.

Singapore is one of several countries that launched probes into allegations that billions of US dollars were misappropriated from Malaysian sovereign wealth fund 1MDB in a elaborate ruse that stretched from Asia to the US.

The country’s investigations into 1MDB centred on allegations that its financial system was used to launder some of the stolen funds.

The financial hub has jailed a Swiss banker and three Singaporean private bankers for their roles in the affair.

Besides, it closed the local branches of two Swiss banks, which were allegedly used to transfer illicit funds.

The 1MDB was set up by Malaysian former Prime Minister Najib Razak to develop the socio-economy. Najib is now facing dozens of charges for corruption, misappropriation of funds and abuse of power linked to the fund.

The Malaysian Government has set up a special taskforce, who is responsible for prosecuting individuals involved in any wrongdoing in the management of the state fund and reclaiming assets with the support of the US, Switzerland, Singapore, Canada and several other countries.

(Source: VNA)