KUALA LUMPUR – Malaysia's finance ministry said Monday that sovereign wealth fund 1MDB and a former subsidiary have filed 22 lawsuits to recover assets worth over $23 billion from various institutions and individuals.
1MDB was set up by former Prime Minister Najib Razak in 2009 but it accumulated billions in debts and sparked investigations in the U.S.
and several other countries. U.S. investigators allege that over $4.5 billion was stolen from 1MDB and laundered by Najib's associates.
Finance Minister Zafrul Abdul Aziz said the government’s recovery efforts are now focused on “pursuing other wrongdoers” who have caused losses to 1MDB and SRC International following successful settlements with U.S.