The new management of 1MDB can take a leaf from the more than half a billion RM multiple suits brought by FGV Holdings Bhd against more than a dozen of its former directors or executives to recover the billions of ringgit siphoned or stolen when the previous 1MDB bosses were in charge. 1MDB may also consider to sue its former auditors for damages.
1MDB is being investigated by no less than 10 foreign law enforcement agencies, and it is possible that the perpetrators have money stashed away globally. Once the civil suit is initiated, 1MDB can apply to court for a worldwide Mareva injunction to restrain the defendants from disposing of, or dealing with, any of their assets, including monies held in bank accounts, whether in or outside Malaysia.
This should also apply to other GLCs and government agencies as week after week, MACC is uncovering more and more cases of power and financial abuse and wrong-doing during the previous regime. Those involved should not only be charged for their crime, legal proceedings should be initiated to recover the losses. It is not sufficient to throw the books at these corrupted officials, we have to put in our best effort to recover the money taken.