One of the biggest corporate service providers, Amicorp, has broken its silence on a $7 Bn fraud allegation against it. According to Reuters, the company was accused of knowingly executing the fraudulent transactions worth $7 Billion from the Malaysian state fund 1Malaysia Development Berhad.
In the recent statement, Amicorp denied any allegations against them and will be battling the dispute sought by 1MDB in court. Also, the company will challenge a legal claim worth $1 bn filed by the Malaysian sovereign wealth fund in the British Virgin Islands.
The Spiral Of Conspiracy
According to the complaint filed by the 1MDB, Hong Kong-headquartered Amicorp was involved in a conspiracy involving multiple shell companies, sham transactions, and fraudulent financial structures. Moreover, 1MDB further stated that the company and its CEO played a pivotal role in enabling the wealth fund to be defrauded between 2009 and 2014.
Also read, Whistleblower Uproar Topples Top Brass at Singapore Post
Amicorp stated that the misappropriated 1MDB funds were “ill-gotten by or for the benefit” of senior Malaysian government officials and top executives of the United Arab Emirates sovereign funds. Malaysian and U.S. investigators have previously estimated that $4.5 billion was embezzled from 1MDB since its establishment in 2009, implicating former Prime Minister Najib Razak, Goldman Sachs (GS.N) employees, and other high-ranking officials. Najib, who is currently serving a prison sentence, has consistently denied any wrongdoing.
