BILLION DOLLAR 1MDB LAWSUIT CHARGES BARBADOS BANK WITH USING OPAQUE BVI SHELL COMPANIES TO COMMIT MASSIVE FRAUD

Remember the multi-billion dollar 1MDB Malaysian sovereign wealth fund fraud? There is new litigation, filed in the British Virgin Islands, against the HK multinational, AMICORP, and alleging that its subsidiary, Barbados-based AMICORP BANK, repeatedly fraudulently recycled funds, using shell companies, to make it appear that there were returns on investment.

We note that BVI companies were the predominant shell company vehicles asserted to be the tool employed by Amicorp, to perpetrate the fraud; Malta also shows up in the mix, which is no surprise. 1MDB waa the victim of a sophisticated money laundering scheme which successfully fleeced the sovereign wealth fund, and thereby cheated the people of Malaysia, the intended beneficiaries. We have a number of articles already on the blog, detailing the case, and some of its participants.