Malaysia's 1MDB sues Amicorp Group for alleged fraud

Business

KUALA LUMPUR Malaysia 's 1MDB said on Monday it was suing corporate services provider Amicorp Group and its CEO Toine Knipping for more than $1 billion for allegedly facilitating more than $7 billion in fraudulent transactions over a five-year period. The scandal-wracked sovereign wealth fund claimed Amicorp, which is headquartered in Hong Kong, had used shell companies and sham transactions. Its legal action filed in the British Virgin Islands was part of efforts to recover stolen assets, 1MDB