KUALA LUMPUR: Over RM14mil in assets connected to the 1Malaysia Development Berhad (1MDB) case have been recovered and returned to the Malaysian government, according to the Malaysian Anti-Corruption Commission (MACC).

The commission stated that the assets recovered totalled RM14,670,676 and included foreign currencies such as SGD$1,388,122, USD$85,868, $344,163 in New Zealand dollars, and $3,181,097 in Australian dollars.

The funds recovered were linked to two individuals involved in the 1MDB case, Tan Kim Loong and Yak Yew Chee.

Tan, alleged to be an associate of infamous fugitive businessman Low Taek Jho, also known as Jho Low, saw the sale of his properties and transfer of funds from his account to the government, amounting to RM12,974,730.

The transfers to the Asset Recovery Trust Account (ARTA) under the Finance Ministry took place on Feb 18, March 7, and March 10 this year, according to MACC.

Meanwhile, the remaining RM1,695,946 was recovered from Yak, a Singaporean citizen and former bank officer convicted in Singapore for his involvement in the 1MDB case.

The commission stated that Yak’s funds were credited into the ARTA on January 21 last year.

With this, the total amount of assets recovered from the 1MDB case now stands at RM29,752,034,475, representing about 70% of the estimated RM42bil believed to have been misappropriated.

"This percentage reflects a very high asset recovery rate compared to global asset recovery efforts, thanks to the collaborative efforts of enforcement agencies and international cooperation.

"The success of this asset recovery demonstrates the effectiveness of the collaboration between MACC and Singapore’s Commercial Affairs Department (CAD) in combating corruption and money laundering.

"MACC will remain committed to the efforts of recovering misappropriated national assets and will continue to work closely with international authorities in addressing cases of corruption and financial crimes," it said in a press release on Monday (March 17).