1Malaysia Development Berhad (1MDB), the scandal-ridden Malaysian state investment fund, has filed a legal claim for over $1 billion against corporate services provider Amicorp Group and its CEO, Toine Knipping, accusing the company of facilitating fraudulent transactions totaling more than $7 billion. This claim, one of the largest filed in connection with the high-profile 1MDB corruption scandal, was filed in the British Virgin Islands against eight entities affiliated with Amicorp.
The lawsuit alleges that Amicorp played a central role in enabling 1MDB to be defrauded between 2009 and 2014. According to 1MDB’s statement, the group helped orchestrate a complex web of shell companies, fraudulent transactions, and financial structures that disguised the origin and flow of funds. The stolen money was allegedly funneled through jurisdictions including Singapore, Barbados, Curacao, Hong Kong, and the British Virgin Islands.
1MDB claims that Amicorp, through its banking arm, Amicorp Bank in Barbados, facilitated the illegal movement of funds by providing access to the global financial system. By offering fund management services and structuring transactions to give the appearance of legitimate investments, Amicorp is said to have played a crucial role in the misappropriation of assets intended for the benefit of the people of Malaysia.
The legal action is part of 1MDB’s broader effort to recover stolen assets from the international financial system. The lawsuit accuses Amicorp of conspiring to breach fiduciary duties and participating in an unlawful money laundering operation. A spokesperson for 1MDB stated, “There is compelling evidence that Amicorp was fully aware that they were aiding a fraudulent scheme designed to divert large sums of money away from its rightful beneficiary—the people of Malaysia.”
In addition to the legal proceedings, 1MDB has made significant strides in recovering stolen funds. As of September this year, Malaysia had reclaimed approximately 27.17 billion ringgit (about $6.06 billion) linked to the 1MDB scandal, according to state news agency Bernama.
The latest legal action further underscores the international scope of the 1MDB scandal, which has seen investigations across multiple countries, including Malaysia, the United States, and Switzerland. The lawsuit also highlights the ongoing global efforts to hold accountable those responsible for one of the most significant financial scandals in recent history.
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