Malaysia’s anti-graft agency files court application to forfeit over US$115mil in Swiss bank accounts held by Prince Turki Abdullah Al-Saud.
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has filed a court application to seize overseas assets belonging to Prince Turki Abdullah Al-Saud.
The application, filed on Friday, seeks a forfeiture order for movable assets located outside Malaysia under the prince’s name.
According to a source, the assets comprise US$115,320,661.63 held in Swiss bank accounts. These include accounts with J.P. Morgan (Suisse) SA and UBS Switzerland AG.
The application was filed under Sections 56(1), 59 and 61(2) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
“The move was made under legal provisions that allow the MACC to seek the forfeiture of assets believed to be proceeds of unlawful activities, subject to a court order,” the source said.
MACC Chief Commissioner Tan Sri Azam Baki confirmed the application when contacted.
