40 luxury handbags linked to 1MDB scandal set for auction
An auction is set to take place for 40 luxury handbags from various brands linked to the 1Malaysia Development Berhad (1MDB) financial scandal. The Malaysian government has filed an application for the forfeiture of assets under Section 56 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds Act 2001, in connection with the misappropriation of assets.
Assets seized by the police and the Malaysian Anti-Corruption Commission (MACC), which have been forfeited, include cash and interests amounting to RM66.96 million (US$16 million) and RM16.06 million (US$3.8 million), as well as 40 handbags of various brands with an estimated value in the hundreds of thousands. The cash seized by the police will be channelled into a special trust account under the Finance Ministry, while the estimated amount seized by the MACC will be transferred into the government’s revenue account. The 40 handbags are currently in the process of being auctioned off.
The 1MDB scandal involved the misappropriation of billions of dollars from the state-owned investment fund, leading to investigations in multiple countries and the downfall of former Malaysian Prime Minister Najib Razak. The auction of the luxury handbags is part of the Malaysian government’s efforts to recover assets linked to the financial scandal and hold those responsible accountable.
