Amicorp Denies 1MDB’s $1 Billion Asset Recovery Claim
This article is for subscribers only.
Amicorp Group has rejected troubled state wealth fund 1Malaysia Development Bhd.’s $1 billion claim against the Hong Kong-based corporate services provider, vowing to defend itself in the British Virgin Islands suit.
The $1 billion claim is inaccurate and it would be left to the BVI Court of Justice to assess the suit, according to a statement by Amicorp. 1MDB, as the fund is known, together its subsidiaries and liquidators, had filed the suit on Dec. 20 against Amicorp for facilitating fraudulent transactions.