KUALA LUMPUR, Jan 9 — Malaysia expects to claw back billions more linked to the 1Malaysia Development Berhad (1MDB) scandal, with recovery efforts now focused on individuals previously found to have received misappropriated funds — including PetroSaudi chief executive Tarek Obaid and members of fugitive financier Jho Low’s family.

According to Berita Harian, the Malaysian Anti-Corruption Commission (MACC) is pursuing about US$600 million believed to be linked to Tarek Obaid, while accounts held by Jho Low’s family are also expected to be returned to the government in the near term. 

Overall, investigators anticipate that around RM5 billion could be repatriated as part of the next phase of recovery.

MACC chief commissioner Tan Sri Azam Baki said the total amount misappropriated from 1MDB and detected so far stood at about RM42 billion, with assets worth roughly RM30 billion already recovered.

“The total 1MDB funds that were misappropriated and detected amount to approximately RM42 billion, and we have already managed to recover funds including assets worth around RM30 billion.

“So, this means there is still a balance of RM12 billion, but we expect to recover around RM5 billion more.

“I do not know whether the RM5 billion will be repatriated this year or not, but the MACC is working towards that, and I want it done quickly (recovered),” he said.

Azam was speaking on Borak Hari Ini, a Berita Harian podcast recorded at Balai Berita and aired yesterday. 

Asked about the timeline, he stressed there was no fixed deadline but said immediate steps were already under way.

“As I said, I want it resolved promptly without delay. I estimate that with several individuals involved, the MACC will first recover 1MDB funds amounting to RM2.8 million,” he added.

Berita Harian also reported earlier that investigators are tracing the remaining RM12 billion believed to have been siphoned from the former sovereign fund. As of now, the total value of assets recovered stands at RM31.19 billion.

1MDB was set up in 2009 to drive national development and was closely associated with Low Taek Jho, better known as Jho Low. Former prime minister Datuk Seri Najib Razak, who chaired the fund’s advisory board, was later jailed over charges linked to the scandal.

Tarek Essam Ahmad Obaid, a Swiss-Saudi businessman and former chief executive of PetroSaudi International Ltd, was sentenced by the Swiss Federal Criminal Court in August 2024 to seven years’ imprisonment for his role in the misappropriation of 1MDB funds. 

His associate, Geneva-based director Patrick Mahony, received a six-year sentence.

In Malaysia, the Kuala Lumpur High Court last year barred Tarek Obaid and two companies from accessing 41 pieces of jewellery valued at £9 million linked to 1MDB funds, under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.

Internationally, the United States Department of Justice has described the 1MDB affair as its largest-ever kleptocracy case, alleging that US$4.5 billion was diverted through offshore accounts and shell companies, many tied to Jho Low. 

US court filings said the money was used to acquire luxury properties and assets — including a private jet, a superyacht and high-end jewellery — and to finance the 2013 Hollywood film The Wolf of Wall Street.