1MDB Asset Recovery Task Force Unaffected by KARI’s Dissolution
The 1MDB asset recovery task force, led by chairman Johari Ghani, has reiterated its commitment to recovering 1MDB-related assets despite the recent dissolution of the US Department of Justice’s Kleptocracy Asset Recovery Initiative (KARI). According to Ghani, the task force will continue its work to recover assets not only in the US but also in Switzerland, the UK, Hong Kong, Singapore, and other countries.
Task Force Continues to Pursue Recovery Efforts
Ghani emphasized that the task force’s efforts will not be affected by KARI’s disbandment. "Our country is continuing its recovery work, not only in the US but also in Switzerland, the UK, Hong Kong, Singapore and many other countries," he said at a press conference. The task force is focused on recovering assets linked to the 1MDB scandal, including luxury properties, art pieces, and other high-value items purchased with embezzled money.
Dispute Over Settlement with Goldman Sachs
Ghani also highlighted a dispute over the settlement agreement between Goldman Sachs and the previous Malaysian government. According to Ghani, Goldman Sachs has only paid US$2.5 billion out of the US$4.5 billion settlement, and the task force believes that the bank has not fulfilled its obligations. "There is a dispute over the settlement agreement Goldman Sachs signed with the previous government. They have only paid US$2.5 billion (out of US$4.5 billion). So, we have to (resolve) this via the arbitration process," he said.
FAQs
- What is the 1MDB asset recovery task force?
The 1MDB asset recovery task force is a unit tasked with recovering assets linked to the 1MDB scandal, a massive financial scandal involving the misappropriation of funds from 1MDB. - What is the status of the task force’s efforts?
The task force is continuing its efforts to recover 1MDB-related assets, both in the US and internationally. - What is the dispute with Goldman Sachs?
The task force believes that Goldman Sachs has not fulfilled its settlement agreement with the previous Malaysian government, which is still being arbitrated. - What is the next step in the dispute with Goldman Sachs?
The task force will resolve the dispute through the arbitration process.