Malaysia's Amicorp Group Over Alleged $7 Billion Fraud

The state fund accuses the corporate services provider of facilitating fraudulent transactions and seeks over $1 billion in damages.

1Malaysia Development Berhad (1MDB) has filed a legal claim in the British Virgin Islands against Amicorp Group and its CEO, Toine Knipping.
The lawsuit alleges that Amicorp facilitated more than $7 billion in fraudulent transactions between 2009 and 2014 through shell companies and sham financial structures.
1MDB claims Amicorp's actions enabled the laundering and misappropriation of state funds, with transactions routed through jurisdictions such as Singapore, Barbados, and Hong Kong.
Amicorp has denied the allegations and stated it will dispute the claims in court, describing the accusations as unfounded.
This legal action is part of Malaysia's broader effort to recover stolen 1MDB assets, with over $6 billion already reclaimed to date.