KUALA LUMPUR, Nov 26 ― Businessman Tan Sri Bustari Yusof ― who was previously reported to have close ties to former prime minister Datuk Seri Najib Razak ― has today settled a civil suit where the government had sought the return of RM11.9 million of funds allegedly belonging to 1Malaysia Development Berhad (1MDB).

According to news reports by portals Free Malaysia Today and The Malaysian Insight, Bustari had forfeited RM3.7 million to the government to settle the latter's forfeiture application for RM11.9 million.

Deputy public prosecutor Allan Suman Pillai reportedly told the court that the RM3.7 million settlement amount was agreed by both sides, and that the Malaysian Anti-Corruption Commission (MACC) had confirmed receiving a cheque for RM3.683 million yesterday, The Malaysian Insight reported.

He also reportedly said that the prosecution has been instructed to lift a freeze on Bustari's bank account.

The case came up before High Court judge Collin Lawrence Sequerah today, who then struck out the case after being informed of the settlement.

Bustari, whose brother is the former works minister Datuk Seri Fadillah Yusof, was named in June as being among 41 entities and individuals that the MACC was seeking to recover RM270 million of 1MDB funds from.

The funds totalling RM270 million were said to have been dispersed from Najib's bank account.

Last month, Bustari's lawyer informed the court that he would be submitting a representation letter to the Attorney General's Chambers to propose a settlement of the RM11.9 million forfeiture suit..

Bustari was also previously reported to be the owner of Obyu Holdings, which is the respondent in a separate forfeiture case involving RM680 million worth of assets seized.

In the forfeiture suit filed in May 2019, the government sought the forfeiture from Obyu of 11,991 pieces of jewellery, 401 watches and 16 watch accessories, 234 sunglasses and 306 handbags, a property in Kuala Lumpur and RM114,164,393.44 or over RM114 million seized from the company. 

This case has been fixed for case management on December 9.