Malaysia seeks to seize Saudi prince’s overseas assets worth US$115 million
A major new twist in the decade-long, multi-billion dollar 1MDB scandal.
Deep Dive
Malaysia's Anti-Corruption Commission (MACC) has filed a court order to forfeit $115.3 million held in Swiss bank accounts belonging to Saudi Prince Turki Abdullah Al Saud. The funds are allegedly linked to the massive 1MDB sovereign wealth fund scandal. The MACC alleges the prince received, transferred, and used misappropriated 1MDB funds through his accounts at JP Morgan (Suisse) and UBS Switzerland, based on information from 2011.
Why It Matters
This expands the global dragnet for 1MDB's missing billions, targeting high-profile foreign figures for the first time.