1MDB Sues Amicorp, Seeks Over $1B in Damages for Alleged Role in $7B Fraud

1Malaysia Development Bhd (1MDB) and its subsidiaries have filed a legal claim against Amicorp Group and its CEO, Toine Knipping, accusing the corporate services provider of facilitating over US$7 billion in fraudulent transactions between 2009 and 2014. The lawsuit, filed in the British Virgin Islands (BVI) on December 20, names eight Amicorp entities and alleges fraudulent trading, dishonest assistance, and conspiracy to commit unlawful acts.

1MDB claims that Amicorp played a key role in laundering and dissipating stolen funds by creating complex structures to obscure the origin and movement of misappropriated money. The fund is seeking damages exceeding US$1 billion, stating that Amicorp knowingly helped transfer large sums away from its rightful beneficiary—the people of Malaysia.

The lawsuit highlights Amicorp's creation of shell companies and fraudulent transactions to disguise the theft. It also accuses the company of using a Barbados-based bank to facilitate repeated asset transfers disguised as legitimate investments.

Amicorp has faced regulatory fines for compliance failures in multiple jurisdictions, including The Netherlands, Abu Dhabi, Malta, and the BVI. This legal action is part of 1MDB’s broader efforts to recover assets stolen during one of the world’s largest financial scandals.