Latest news with #forfeiture
Malay Mail
7 days ago
- Business
- Malay Mail
MACC wins first overseas asset recovery without trial, claims RM4m from 1MDB-linked Swiss funds
KUALA LUMPUR, June 14 — The Malaysian Anti-Corruption Commission (MACC) has obtained a forfeiture order against USD954,299.58 (approximately RM4.05 million) held in a BSI Bank account in Switzerland, linked to the misappropriation of 1Malaysia Development Berhad (1MDB) funds. In a statement today, the MACC said this marks the commission's first successful recovery of overseas assets without having to pursue prosecution. The High Court's approval was granted by Justice K Muniandy after the deputy public prosecutor informed the court that there were no objections or claims raised by any party during proceedings before the High Court (Criminal Division 2) in Kuala Lumpur earlier today. In his judgment, Justice Muniandy allowed the forfeiture of the funds held in a bank account under the name Derivale Limited, with Azlin Alias named as the beneficiary. The funds are now forfeited to the Government of Malaysia through the MACC. The forfeiture was granted under Section 56 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, the statement read. — Bernama
Free Malaysia Today
13-06-2025
- Business
- Free Malaysia Today
MACC secures RM4.5mil forfeiture linked to 1MDB from Swiss bank account
MACC said this marks the first successful forfeiture of overseas assets linked to 1MDB without involving prosecution. (AP pic) PETALING JAYA : The Malaysian Anti-Corruption Commission has secured the forfeiture of US$954,299.58 (RM4.5 million) from a Swiss bank account linked to the misappropriation of 1MDB funds. MACC said the Kuala Lumpur High Court allowed the forfeiture today after the deputy public prosecutor informed the court that there were no objections or claims made by any party during the proceedings. 'Justice K Muniandy granted the application to forfeit the funds held in a BSI Bank account in Switzerland under the name of Derivale Ltd, whose beneficiary is Azlin Alias,' it said in a statement. The forfeiture was carried out under Section 56 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. According to MACC, this marks the first successful forfeiture of overseas assets without involving prosecution. It said the funds will now be transferred to the government as part of ongoing recovery efforts related to the 1MDB scandal. Last month, MACC chief Azam Baki said repatriating assets linked to 1MDB remained a difficult process as many of these stolen assets were located overseas. He said the complex nature of the case made international cooperation crucial, especially when it came to tracing and retrieving funds that were siphoned into multiple countries. Azam also said Malaysia lost an estimated RM277 billion to corruption between 2018 and 2023 – an average of RM55 billion a year – describing the amount as 'very alarming'.
The Herald
13-06-2025
- The Herald
Vehicles worth R1m used to commit offences forfeited to state
In another order, a silver Hyundai Sonata vehicle valued at R110,000 and R7,500 in cash were forfeited after a significant drug seizure in Upington. Police recovered: 9,315 Mandrax pills valued at R931,500; eight packets of tik valued at R603,600; and four packets of cocaine valued at R554,400. The drugs were found in the presence of the driver and a passenger. In the third matter, a bronze Toyota Corolla 1.3 Prestige, valued at R132,000 and held at the Philipstown SAPS, was forfeited to the state after being used to transport narcotics. The vehicle concealed drugs inside a tyre, including Mandrax valued at R30,000 and dagga valued at R631,800. A white Mercedes-Benz valued at R306,300 which was seized in Springbok was forfeited after being used to transport dagga mixed with hydroponic cannabis. The drugs were valued at R80,000. An Isuzu truck valued at R275,000 was seized and forfeited after it was found transporting illegal gambling machines in Kuruman. Six foreign nationals were arrested, including three Chinese and three Tanzanians. All six were found to be in the country illegally without valid travel documentation. 'These forfeitures mark a decisive and strategic intervention by the NPA and its AFU in disrupting the economic infrastructure that sustains criminal enterprises.' He said by targeting the vehicles, cash and other assets used in or acquired through criminal activity, the AFU was not only weakening the operational capabilities of organised crime networks but also removing the financial incentives that fuelled repeat offending. TimesLIVE
Free Malaysia Today
07-06-2025
- Business
- Free Malaysia Today
MACC to file application to forfeit Ilham Tower
MACC seized Ilham Tower yesterday for the second time. (Website pic) PETALING JAYA : The Malaysian Anti-Corruption Commission will file an application to forfeit the Ilham Tower in Kuala Lumpur next week, says its chief, Azam Baki. Azam said the forfeiture application would be filed under Section 55 or 56 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Amla), Utusan Malaysia reported. Section 56 of Amla provides for the forfeiture of property where there is no prosecution, if a High Court judge is satisfied that the asset was the subject-matter or evidence relating to the commission of an offence under the Act, the proceeds of an unlawful activity, or the instrumentalities of an offence. MACC first seized the 274m-tall tower owned by the late Daim Zainuddin and his family under the MACC Act in December 2023. It previously said it could seize the tower for up to 18 months pending investigations. Yesterday, it announced it had seized the tower again, this time under Amla. Daim's widow, Naimah Khalid, plans to challenge the seizure in court. Last month, MACC opened eight new investigation papers into 'high-value' assets linked to Daim and his family members after receiving new information from overseas.
Free Malaysia Today
28-05-2025
- Business
- Free Malaysia Today
MACC may open more probe papers in plans to seize Daim's assets, says chief
MACC chief commissioner Azam Baki said the total value of detected assets so far is RM2 billion, divided into parts that need to be forfeited separately. PETALING JAYA : The Malaysian Anti-Corruption Commission (MACC) has not rejected the possibility that more investigation papers will be opened in pushing for the forfeiture of undeclared high-value assets linked to the late Daim Zainuddin and his family members. Sinar Harian reported chief commissioner Azam Baki as saying MACC was working to determine the ownership of the assets, believed to have been obtained illegally. 'The total value of detected assets so far is RM2 billion, divided into parts that need to be forfeited separately. 'Every asset involved needs an application for an investigation paper. So far, only eight papers have been opened, but this number may increase,' he said today. Last Thursday, MACC said it opened more investigation papers after receiving new information from overseas. Azam said the findings stemmed from investigations carried out in 2023, and that the failure to declare assets was an offence under the law. He said the final decision would rest with the deputy public prosecutor, and that he had given the investigating officers two months to complete the probe papers.
