Malaysia Sues JP Morgan, Deutsche and Coutts for $2.93 Billion, Receives $452 Million from United States

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Malaysia Sues JP Morgan, Deutsche and Coutts for $2.93 Billion, Receives $452 Million from United States

12th May 2021 | Singapore

The Malaysia government has filed a combined 22 civil suits to recover $23 billion of assets, including $2.93 billion from JP Morgan ($800 million), Deutsche Bank ($1.1 billion) and Coutts ($1.03 billion).  Malaysia’s Ministry of Finance also announced receiving $452 million into Malaysia’s Assets Recovery Trust Account from the United States Department of Justice (DOJ), for funds seized related to the 1Malaysia Development Berhad (1MDB).

“Malaysia Sues JP Morgan, Deutsche and Coutts for $2.93 Billion, Receives $452 Million from United States”

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Malaysia Recovered $3.89 Billion from 1MDB Scandal

In total, Malaysia has received $3.89 billion of seized and repatriated 1MDB funds.  The outstanding 1MDB debt is around $10.27 billion, with $9.65 billion from 1MDB and $620 million from SRC (subsidiary of 1MDB).

In 2020, Malaysia had received $2.5 billion from Goldman Sachs, with a further guarantee of at least $1.4 billion of assets that had been seized by governments worldwide.

Between 2012 and 2023, Goldman Sachs role raised $6.5 billion through 3 bond sales for 1MDB.  The $6.5 billion bond sales was led by Tim Leissner, who was Goldman Sachs Southeast Asia Chairman.  The leading American investment bank received $600 million in fees, representing more than 9% of the transaction.  The more than 9% underwriting fee of the $6.5 billion bond sales paid to Goldman Sachs is unusually high in investment banking, with fees generally decreasing as the deal size gets larger

Malaysia’s AMMB Holdings (AmBank Group) have also agreed to a $700 million settlement and Deloitte PLT will also be paying $80 million. 

Malaysia 1MDB

Founded in 2009 shortly after Najib Razak became Malaysia’s Prime Minister, 1MDB (1Malaysia Development Bhd) was set up as a sovereign investment fund to finance infrastructure projects and related economic projects to spur economic growth in Malaysia.

It became a political and financial scandal as the key businessman Jho Low who is believed to have masterminded the plan, had diverted the 1MDB funds to fund his personal and associates’ lifestyle, including making the Hollywood movie: Wolf of Wall Street, buying a $250 million yacht (Equanimity) and $35 million Bombardier private jet, giving lavish gifts to Victoria secret model Miranda Kerr and Hilton hotel heiress Paris Hilton, investing in luxury real estates, paintings and many more.

Finance Minister Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz:

“Following significant and successful settlements with Goldman Sachs, AmBank Group and Deloitte PLT, the Government’s recovery efforts are now focused on pursuing other wrongdoers who have caused losses to 1MDB and/or SRC during the execution of their duties, as parties directly or indirectly involved in 1MDB and/or SRC’s various operations and transactions.

As previously mentioned, the government will not rest until all those involved are made fully accountable for the wrongdoings caused to the country through their involvement in 1MDB and/or SRC.”

Related:

• Former Prime Minister of Malaysia Najib Razak Faces Bankruptcy Notice for $408 Million in Unpaid Taxes
• Goldman Sachs to Pay $3.9 Billion to Malaysia to Resolve 1MDB Criminal and Regulatory Proceedings
• Malaysia AmBank Group to Pay $700 Million for all 1MDB Claims to Malaysia Government 
• Indonesia President Jokowi Targets $200 Billion Sovereign Wealth Fund

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