Fraudulent trading - Amicorp Group and its CEO, Toine Knipping, hit with a second BVI lawsuit.

Malaysian and U.S. investigators estimated $4.5 billion was siphoned away from 1MDB following its inception in 2009, implicating former Prime Minister Najib Razak, Goldman Sachs staff and high-level officials elsewhere. Najib is currently in prison but has denied wrongdoing.

A spokesperson for 1MDB said in the statement.

• "There is, in our view, strong evidence to suggest that Amicorp – at the highest levels – knew they were involved in a dishonest and illegal money laundering scheme designed to transfer large sums of cash away from its intended beneficiary - the people of Malaysia,"

SECOND LAWSUIT FOR RECOVERY

• Scandal-hit Malaysian state fund 1Malaysia Development Berhad said on Monday it had filed a legal claim of more than $1 billion against corporate services provider Amicorp Group and its CEO, alleging the firm knowingly facilitated over $7 billion in fraudulent transactions.
• This lawsuit seeks over $1 billion in damages for alleged fraudulent trading.
• The claim alleges that Amicorp Group facilitated over $7 billion in fraudulent transactions, which was crucial in misappropriating 1MDB’s funds between 2009 and 2014.
• This action is part of a broader effort to recover assets lost in the infamous 1MDB scandal, which has globally implicated high-level officials and financial institutions.

Here are the key details:

1. First Lawsuit: Amicorp's "dishonest" assistance
1. 1MDB is seeking damages for the losses it incurred from Amicorp's "dishonest" assistance in breaches of fiduciary duty and conspiracy to commit unlawful acts. The company added that the legal action was part of a global effort to recover stolen 1MDB assets.
2. Second Lawsuit: fraudulent trading.
1. Filed recently, this lawsuit seeks damages over $1 billion for alleged fraudulent trading.
2. It accuses Amicorp and Knipping of playing a crucial role in misappropriating 1MDB’s funds, involving complex schemes of shell companies and sham transactions to obscure the funds' true origin and destination of the funds

KEY FACTS

• 1MDB said in a statement that the claim, one of the biggest filed by 1MDB related to the multibillion-dollar graft scandal, was filed in the British Virgin Islands against eight Amicorp entities and its Chief Executive Officer, Toine Knipping. The claim alleges that they played a vital role in enabling the sovereign wealth fund to be defrauded between 2009 and 2014.
• 1MDB alleges Hong Kong-headquartered 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 destination of the funds.
• 1MDB said the stolen funds were purportedly routed through Singapore, Barbados, Curacao, Hong Kong, and the British Virgin Islands.
• 1MDB further alleges that Amicorp provided access to the global financial system through Amicorp Bank, a bank registered in Barbados, and provided fund entities and banking services to allow the repeated cycling of assets, giving the impression that 1MDB’s assets had been invested and generated returns when in fact they had been misappropriated.
• 1MDB said it is seeking damages for the losses it incurred from Amicorp's "dishonest" assistance in breaches of fiduciary duty and conspiracy to commit unlawful acts. It added that the legal action was part of a global effort to recover stolen 1MDB assets.

Source:

1. 1MDB Files $1 Billion Claim Against Amicorp to Recover Assets. https://www.yahoo.com/news/1mdb-files-1-billion-claim-070944257.html.
2. Malaysia’s 1MDB files a $1B lawsuit against Amicorp Group over alleged fraud. https://www.msn.com/en-us/money/companies/malaysia-s-1mdb-files-1b-lawsuit-against-amicorp-group-over-alleged-fraud/ar-AA1wm6lo.
3. 1MDB Files $1 Billion Lawsuit Against Amicorp Amidst Scandal. https://www.devdiscourse.com/article/law-order/3204039-1mdb-files-1-billion-lawsuit-against-amicorp-amidst-scandal.
4. ‘1MDB liquidators file $1B+ BVI lawsuit against Amicorp & CEO Toine .... https://www.offshorealert.com/1mdb-liquidators-file-1b-bvi-lawsuit-against-amicorp-ceo-toine-knipping-for-alleged-fraudulent-trading-plaintiffs-press-release/.
5. 1MDB liquidators file second BVI action against Amicorp & CEO Toine .... https://www.offshorealert.com/1mdb-liquidators-filed-second-bvi-action-against-amicorp-ceo-toine-knipping-seeking-1b-for-alleged-fraudulent-trading/.
6. Malaysia's 1MDB files legal claim against Amicorp Group seeking over $1 .... https://www.voanews.com/a/malaysia-s-1mdb-files-legal-claim-against-amicorp-group-seeking-over-1-billion-for-alleged-fraud-/7910880.html.