Jurisdictions involved
British Virgin Islands, Cayman Islands, Barbados, USA, Switzerland, Luxembourg, Cyprus, Hong Kong, Singapore, and United Arab Emirates.
The business and background
In 2010, a Strategic Resource Company was established as a special vehicle for the business of extraction of natural resources. The private limited company, SRC Malaysia, was incorporated in Malaysia on 7 January 2011 as a wholly owned subsidiary of 1MDB.
SRC Malaysia was funded in the form of two loans from the Kumpulan Wang Persaraan (Diperbadankan) (“KWAP”), a statutory body that manages the pension fund for public employees in Malaysia. Two loans were approved totaling $1.15billion - the majority of which has been poorly invested or stolen.
What we did
We undertook the investigation of the flow of funds, the fraudulent schemes, and the entities involved and managed recovery actions against identified assets, entities and individuals.
The outcome
The engagement is ongoing.
