US returns $452m in 1MDB funds to Malaysia

KUALA LUMPUR: The United States has returned $452 million to Malaysia related to the scandal-hit sovereign wealth fund 1MDB, authorities said Wednesday, as the Southeast Asian nation steps up efforts to recover looted cash.

Billions of dollars were stolen from 1Malaysia Development Berhad in a fraud that involved former premier Najib Razak, and spent on everything from a super-yacht to art.

Some of the looted money was spent in the United States and laundered through the American financial system, and authorities there have been clawing back funds and sending it to Malaysia.

The latest tranche to arrive from the United States is around 1.9 billion ringgit ($452 million), Malaysia’s finance ministry said in a statement.