KUALA LUMPUR – Hong Kong-based corporate services provider Amicorp Group (Amicorp) has denied allegations that it knowingly facilitated more than US$7 billion (RM31.42 billion) in fraudulent transactions related to the misappropriation of funds from scandal-ridden state investment firm 1Malaysia Development Berhad (1MDB).
The company, which provides corporate management, financial markets and fund administration services, said it will defend itself in and dispute the relief sought by 1MDB in court following a legal claim filed by 1MDB and its subsidiaries in the British Virgin Islands (BVI) worth more than US$1 billion, Reuters reported.
In a statement, Amicorp said that the misappropriated 1MDB funds were “ill-gotten by or for the benefit” of Malaysian senior government officials and the United Arab Emirates (UAE) sovereign funds’ top senior management.
Investigators from Malaysia and the US previously estimated that US$4.5 billion was siphoned from 1MDB following its inception in 2009, implicating former prime minister Datuk Seri Najib Razak, staff from multinational investment bank Goldman Sachs, and high-level officials elsewhere.
Najib, who is currently imprisoned, has denied wrongdoing.
Yesterday, it was reported that 1MDB and its subsidiaries have filed a suit against Amicorp and its co-founder and CEO, Toine Knipping, for alleged facilitation of fraudulent transactions.
The legal claims centre on allegations of fraudulent trading, dishonest assistance in breaches of fiduciary duty and conspiracy to commit unlawful acts. The estimated claim value exceeds US$1 billion.
The legal action, filed in the BVI against eight Amicorp entities, is part of a global effort to recover assets stolen from 1MDB, it added.
According to 1MDB, Amicorp is alleged to have played a vital role in enabling the fraud by facilitating the laundering of over US$7 billion in misappropriated funds between 2009 and 2014
1MDB also accused Amicorp of creating and managing a “complex conspiracy” of layers of shell companies, sham transactions, and fraudulent financial structures that obscured the true origin and destination of the funds.
The stolen funds were allegedly routed through a global network spanning Singapore, Barbados, Curacao, Hong Kong, and the BVI. 1MDB also alleged that Amicorp provided access to the global financial system through Amicorp Bank, a bank registered in Barbados. – December 24, 2024