KUALA LUMPUR (June 20): MCA president Datuk Seri Liow Tiong Lai says the United States Department of Justice's fresh lawsuit to seize more assets linked to misappropriation of funds from 1Malaysia Development Bhd is "inconclusive" until allegations behind the case are proven in a competent court of law.

Liow, who is also Transport Minister, said the Malaysian government has already taken all necessary actions to look into the 1MDB issue, citing multiple investigations conducted by the Public Accounts Committee (PAC) and Bank Negara Malaysia (BNM), as well as the ongoing probe by the Royal Malaysian Police (PDRM). 

“The problems with 1MDB have been clearly articulated, i.e. poor business model, weak management/governance and excessive reliance on debt. These are painful but important lessons to be learnt. [But] through the professional management and strong leadership of Mr Arul Kanda [Kandasamy], the 1MDB rationalisation plan has been successfully implemented," Liow said in a press release today.

However, he added irresponsible parties have over-politicised the 1MDB issue in an effort to overthrow a democratically-elected government. 

"And now, these irresponsible parties have gone to the extent of [being] willing to work with foreign forces to achieve their agenda, which is unfortunate," Liow said. 

Liow's statement came after the DoJ filed the new lawsuit last week to seize an additional US$540 million worth of assets linked to corruption involving 1MDB, including a Picasso painting that was given to actor Leonardo DiCaprio, as well as the rights to two Hollywood comedy films.

The DoJ said last Thursday that a total of US$4.5 billion had been misappropriated from 1MDB, which was set up by Malaysian Prime Minister Datuk Seri Najib Razak to promote economic development within the country.

Including an earlier complaint filed last year, the U.S. government is seeking to recover assets worth a total of US$1.7 billion that were bought with the misappropriated funds. 

Malaysia's Attorney-General’s Chambers (AGC) had expressed on Friday, its frustration at not being informed by the DoJ of its latest civil lawsuits against 1MDB, which it said appeared to be “a repeat of last year’s suit”.