Malaysia’s anti-graft agency will freeze approximately USD $115.32 million held in Swiss bank accounts linked to Prince Turki Abdullah Abdul Al-Saud, a co-founder of PetroSaudi International and a figure tied to the long-running 1MDB scandal, according to a report by The Edge Malaysia.
The Malaysian Anti-Corruption Commission (MACC) said the restraining order was granted on Oct. 9 and will target USD $87.15 million and USD $12.78 million in accounts at JPMorgan, and USD $15.39 million held in an account at UBS Switzerland, the news outlet said.
MACC said its application drew on information first received in 2011 alleging that Prince Turki received, transferred and used funds misappropriated from 1Malaysia Development Berhad through personal Swiss accounts.
Prince Turki is the seventh son of the late King Abdullah of Saudi Arabia and a grandson of King Abdulaziz, the kingdom’s founder. He co-founded PetroSaudi International, which entered a 2009 joint venture with 1MDB later alleged to have enabled large-scale diversions of state funds via offshore entities.
The freeze order is the latest step in Malaysia’s bid to trace and recover billions allegedly siphoned from 1MDB across multiple jurisdictions. Authorities did not indicate when a forfeiture application might follow or whether additional assets linked to the case are being targeted, according to the report.
Read more at The Edge Malaysia