Amicorp Group Denies Role in $7 Billion 1MDB Scandal

Amicorp Group, accused of facilitating fraudulent 1MDB transactions, denies involvement and is set to dispute claims in court. The Malaysian fund seeks over $1 billion in damages. Allegations suggest Amicorp aided in creating intricate shell structures that masked fund misappropriation benefiting senior officials.

Amicorp Group has firmly denied allegations that it knowingly aided in facilitating more than $7 billion worth of fraudulent transactions tied to the controversial Malaysian state fund, 1Malaysia Development Berhad (1MDB).

A contentious legal battle looms as Amicorp prepares to contest a legal claim exceeding $1 billion made by 1MDB in the British Virgin Islands court. The claim accuses Amicorp and its CEO of playing a crucial role in defrauding the sovereign wealth fund between 2009 and 2014.

Identified as one of the most significant lawsuits filed around the 1MDB scandal, the allegations implicate Amicorp in orchestrating a web of shell companies and sham transactions that concealed the funds' trail, purportedly for the benefit of senior Malaysian officials and UAE management.

(With inputs from agencies.)