1MDB: court allows govt to take possession of RM407,011.46 forfeited from foundation

by BERNAMA/ pic by MUHD AMIN NAHARUL

FUNDS totalling RM407,011.46 in the bank account of Yayasan Penyelidikan Transformasi (a research foundation), which were frozen in connection with efforts to recover money misappropriated from 1Malaysia Development Berhad (1MDB), have now become the property of the Malaysian government.

High Court of Kuala Lumpur judge Datuk Muhammad Jamil Hussin today allowed the forfeiture of funds to the government after hearing submissions from Malaysian Anti-Corruption Commission (MACC) deputy public prosecutor Farah Yasmin Salleh who told the court that the foundation as the respondent in the matter, had agreed to the forfeiture in a letter dated July 9.

Zulkifli Jaafar, a member of the board of trustees of the foundation, who represented the respondent in court today, said the foundation did not oppose the forfeiture.

The government’s forfeiture application was made under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.

Earlier this year, MACC chief commissioner Latheefa Koya had announced that a civil forfeiture suit had been filed against 41 respondents in a bid to recover about RM270 million in funds allegedly misappropriated from state-owned sovereign wealth fund 1MDB.