An auction is ready to happen for 40 luxury handbags from various brands linked to the 1Malaysia Development Berhad (1MDB) monetary scandal. Rich has filed an utility for the forfeiture of assets under Section fifty six of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds Act 2001, in connection with the misappropriation of belongings.
Assets seized by the police and the Malaysian Anti-Corruption Commission (MACC), which have been forfeited, embrace cash and interests amounting to RM66.96 million (US$16 million) and RM16.06 million (US$3.8 million), as well as 40 purses of assorted manufacturers with an estimated value within the hundreds of hundreds. The money seized by the police will be channelled right into a special trust account under the Finance Ministry, whereas the estimated amount seized by the MACC shall be transferred into the government’s income account. The forty handbags are at present in the strategy of being auctioned off..