1MDB Files Billion-Dollar Lawsuit Against Amicorp Group
Malaysian sovereign wealth fund 1MDB has filed a claim exceeding $1 billion against Amicorp Group and its CEO, Toine Knipping, in the British Virgin Islands. The lawsuit alleges that Amicorp played a crucial role in facilitating the multibillion-dollar fraud that occurred between 2009 and 2014.
The Alleged Role of Amicorp Group
1MDB accuses Amicorp of creating and managing a complex web of shell companies, sham transactions, and fraudulent financial structures. These allegedly obscured the true flow of funds, which were routed through various jurisdictions including Singapore, Barbados, Curacao, Hong Kong, and the British Virgin Islands. Amicorp is also accused of providing access to the global financial system through Amicorp Bank, registered in Barbados, and enabling the repeated cycling of assets to create the illusion of legitimate investments and returns.
Global Effort to Recover Stolen Assets
The legal action is part of a broader effort to recover assets stolen from 1MDB. As of September this year, Malaysia has reportedly recovered 27.17 billion ringgit (US$6.06 billion) linked to the scandal. 1MDB's spokesperson stated, "There is, in our view, strong evidence to suggest that Amicorp – at the highest levels – knew they were involved in a dishonest and illegal money laundering scheme designed to transfer large sums of cash away from its intended beneficiary - the people of Malaysia."
Amicorp Group has yet to respond to requests for comment on the allegations.
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