Motorcyclists pass a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Stock Exchange in Kuala Lumpur, Malaysia, February 3, 2016.
Olivia Harris | Reuters
Scandal-hit Malaysian state fund 1Malaysia Development Berhad said Monday it has filed a more than $1 billion lawsuit against corporate services provider Amicorp Group and its CEO, alleging the company knowingly facilitated more than $7 billion in fraudulent transactions.
The case was filed in the British Virgin Islands against eight entities affiliated with Amicorp and its CEO Tuyen Nipeng, alleging that they played a vital role in enabling fraud against the sovereign wealth fund between 2009 and 2014, 1MDB said in a statement.
Amicorp Group did not immediately respond to a request for comment.
Malaysian and US investigators had previously estimated that $4.5 billion was siphoned from 1MDB after its establishment in 2009, suggesting the involvement of former Prime Minister Najib Razak. Goldman Sachs High-level employees and officials elsewhere. Najib is currently in prison but has denied any wrongdoing.
1MDB alleges that Amicorp created and operated a complex conspiracy consisting of layers of shell companies, sham transactions and fraudulent financial structures that obscured the true origin and direction of the funds.
1MDB said the stolen funds were routed through Singapore, Barbados, Curacao, Hong Kong and the British Virgin Islands.
“There is, in our view, strong evidence to suggest that Amicorp – at the highest levels – knew it was involved in a dishonest and illegal money laundering scheme intended to divert large sums of cash away from the intended beneficiary – the people of Malaysia. A 1MDB spokesman said in the statement.
