DoJ unit’s disbandment won’t derail 1MDB asset recovery, says Johari Ghani

(FMT):

The 1MDB asset recovery task force will not be affected by the dissolution of the US department of justice’s Kleptocracy Asset Recovery Initiative (KARI), says its chairman, Johari Ghani.

Johari said the task force will continue its work to recover 1MDB-related assets, Berita Harian reported.

“Our country is continuing its recovery work, not only in the US but also in Switzerland, the UK, Hong Kong, Singapore and many other countries,” he was quoted as saying at a press conference after the Malaysian Cocoa Board’s excellence appreciation night in Kota Kinabalu, Sabah.

It was reported last Friday that KARI, which played a key role in investigating and prosecuting the 1MDB scandal, has been ordered to disband.

Investigative journalist Bradley Hope said US attorney-general Pam Bondi announced the immediate closure of both KARI and Task Force Klepto Capture in an email last Wednesday.

The DoJ had used KARI’s authority under civil asset forfeiture laws to seize over US$1 billion (RM4.47 billion) in assets linked to misappropriated funds from 1MDB, including luxury properties, art pieces and other high-value items purchased with embezzled money.

Johari said the task force believes Goldman Sachs has not fulfilled its settlement with Malaysia, which is still being arbitrated.

“There is a dispute over the settlement agreement Goldman Sachs signed with the previous government. They have only paid US$2.5 billion (out of US$3.9 billion).

“So, we have to (resolve) this via the arbitration process,” he said.

source:freemalaysiatoday