Malaysia Seeks Saudi Prince's Assets
The Malaysian Anti-Corruption Commission has initiated proceedings to seize foreign assets belonging to Prince Turki Abdullah Abdulaziz Al-Saud. The action follows a court order that blocked $115.3 million in transactions, signaling increased efforts by Malaysian authorities to target politically exposed persons in cross-border enforcement actions.
- The move to seize Prince Turki's assets is rooted in the 1Malaysia Development Berhad (1MDB) scandal, where an estimated US$4.5 billion was misappropriated from the Malaysian state-owned fund. Prince Turki co-founded PetroSaudi International, a company that entered into a joint venture with 1MDB in 2009, which prosecutors allege was a front to siphon funds. - The assets targeted by the Malaysian Anti-Corruption Commission (MACC) are specifically US$115.3 million held in Swiss bank accounts, including at JP Morgan and UBS Switzerland AG. The application for forfeiture was filed under Malaysia's Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act. - Swiss prosecutors have already taken action against executives linked to PetroSaudi. Tarek Obaid and Patrick Mahony were convicted by a Swiss court for defrauding 1MDB of over US$1.8 billion and for aggravated money laundering. - Former Malaysian Prime Minister Najib Razak, who also served as chairman of 1MDB's advisory board, was previously accused of receiving hundreds of millions of dollars from 1MDB into his personal accounts. He is currently serving a prison sentence in Malaysia for corruption and abuse of power related to the scandal. - The alleged mastermind of the 1MDB fraud, Jho Low, is believed to have orchestrated the movement of funds through a global network of shell companies and offshore accounts. He remains a fugitive from justice. - Prince Turki was one of several Saudi princes and ministers arrested in a 2017 anti-corruption purge in Saudi Arabia. Malaysian investigators had previously claimed that the large sums of money in Najib Razak's accounts were a donation from the Saudi royal family.
