KUALA LUMPUR (Reuters) – Corporate services group Amicorp has denied allegations that it intentionally facilitated more than $7 billion in fraudulent transactions related to the embezzlement of funds from Malaysia's state fund 1Malaysia Development Berhad, which is embroiled in a scandal.
Amicorp said in a statement late on Monday that it would defend itself and challenge the compensation sought by 1MDB in court following a legal claim for more than $1 billion made by Malaysia's sovereign wealth fund in the British Virgin Islands.
1MDB filed suit against Amicorp and its CEO, alleging that they played a vital role in enabling fraud against the sovereign wealth fund between 2009 and 2014.
The claim is among the largest filed by 1MDB in connection with the multi-billion dollar graft scandal.
1MDB alleges that Hong Kong-based Amicorp created and managed a complex conspiracy consisting of layers of shell companies, sham transactions and fraudulent financial structures that obscured the true origin and direction of the funds.
Amicorp said the embezzled 1MDB funds were “illegally obtained by or for the benefit of” senior Malaysian government officials and senior management of UAE sovereign funds.
Malaysian and US investigators previously estimated that $4.5 billion was withdrawn from the 1MDB fund after it was set up in 2009, implicating former Prime Minister Najib Razak, Goldman Sachs employees and high-ranking officials elsewhere. Najib is currently in prison but has denied any wrongdoing.
