Malaysia’s 1MDB, former unit file suits to recover $23 bln

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KUALA LUMPUR (AP) — Malaysia’s finance ministry says the sovereign wealth fund 1MDB and a former subsidiary have filed 22 lawsuits to recover assets worth over $23 billion from various institutions and individuals. 1MDB was set up by former Prime Minister Najib Razak in 2009 but it accumulated billions in debts and sparked corruption investigations in several countries. U.S. investigators allege that over $4.5 billion was stolen from 1MDB and laundered by Najib’s associates. Finance Minister Zafrul Abdul Aziz said Monday the government’s recovery efforts are now focused on pursuing other wrongdoers who have caused losses to 1MDB and its affiliate SRC International following successful settlements with U.S. firm Goldman Sachs, Malaysia’s AmBank Group and Deloitte PLT. 

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