Multibillion-dollar Civil Lawsuits Filed In Malaysia Against Those Responsible For 1MDB Fraud

3 years after I wrote about the potential liabilities of the various parties and actors in the 1MDB debacle when the news broke, the lawsuits have finally been launched. It is ironic that the bulk of the missing funds have not been returned and the advisers and bankers may end up paying for the losses.

“Apart from the duty of disclosure of auditors, even more fearsome is the duty to report suspicious transactions under Section 14 of the Anti Moneylaundering And Anti Terrorism Financing Act (AMLA). Reporting institutions include accountants, lawyers, investment bankers and company secretaries…”

“Failure to act in the interests of the company will expose directors to liabilities for breach of directors’ duties. The management will also be exposed to liabilities for breach of employment contract for failure to act in the interests of the company.”

The Duty To Report Suspicious Transactions Under Anti Money Laundering Laws In Relation to 1MDB and other scandals in Malaysia

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