Amicorp Denies Fraud Allegations Related to 1MDB

KUALA LUMPUR (Reuters) – Corporate services provider Amicorp Group has denied allegations it knowingly facilitated over $7 billion in fraudulent transactions involving the misappropriation of funds from the scandal-hit Malaysian state fund 1Malaysia Development Berhad (1MDB).

Amicorp stated it will defend itself against a legal claim of more than $1 billion filed by the Malaysian sovereign wealth fund in the British Virgin Islands. The claim was announced in a statement late on Monday.

1MDB alleges that Amicorp and its CEO played a critical role in the fraudulent activities from 2009 to 2014, which is one of the largest claims made by the fund in connection with the multibillion-dollar graft scandal.

According to 1MDB, Hong Kong-headquartered Amicorp orchestrated a complex conspiracy involving layers of shell companies, sham transactions, and fraudulent financial structures that masked the true origins and destinations of the misappropriated funds.

In response, Amicorp stated that the misappropriated 1MDB funds were "ill-gotten by or for the benefit" of senior Malaysian government officials and top management of the United Arab Emirates sovereign funds.

Investigators from Malaysia and the U.S. have estimated that around $4.5 billion was embezzled from 1MDB since it was established in 2009, implicating former prime minister Najib Razak, Goldman Sachs staff, and other high-ranking officials. Najib is currently imprisoned but has denied any wrongdoing.