1MDB scandal: US recovers another US$49 million siphoned from Malaysian fund

The United States has reached a settlement to recover more than US$49 million involving Malaysian sovereign wealth fund 1MDB, the US Department of Justice said.The government of former Malaysian prime minister Najib Razak set up the 1MDB fund in 2009 to promote economic development.The US justice department has estimated more than US$4.5 billion was siphoned out of Malaysia by high-level fund officials and their associates between 2009 and 2014 in a scandal that has also embroiled Goldman Sachs…