Wednesday, August 12, 2020

info@theabujatimes.com

Malaysia 1MDB Scandal, US Recovers $49m in Assets

Must read

Nigeria may impose visa restriction on Americans, others- Immigration

The Nigerian Government may reciprocate the visa restriction imposed on its citizens by the United States and other countries, the Nigeria Immigration...

Vladimir Putin says Russia has registered coronavirus vaccine and his daughter was one of the first recipents

MOSCOW – Russia on Tuesday became the first country to officially register a coronavirus vaccine and declare it ready for use, despite...

Lebanon government stands down over blast fallout

Lebanon's Prime Minister Hassan Diab announced his government's resignation on Aug. 10 under a barrage of pressure over the catastrophic Beirut port explosion six days earlier...

Worldwide coronavirus cases top 20 million

The number of confirmed coronavirus cases worldwide topped 20 million on Tuesday, more than half of them from the US, India and...
The Abuja Times
The Abuja Times News Paper

US authorities have reached a deal to recover another $49 million in assets bought with money looted from Malaysia’s 1MDB state investment fund and laundered through the global financial system.

Billions of dollars were plundered from the sovereign wealth fund and spent on everything from a luxury yacht to artwork in a fraud allegedly involving former Malaysian premier Najib Razak and his inner circle.

Najib was ejected in 2018 elections largely due to public anger over the scandal and is now facing trial over his involvement in the theft.

The US Justice Department says it has now returned or helped Malaysia recover nearly $1.1 billion in funds and assets.

The latest tranche comes from the settlement of a civil case against Khadem al-Qubaisi, an Emirati businessman accused of helping siphon 1MDB funds out of Malaysia.

“Instead of benefitting the people of Malaysia, as intended, these funds were used by the co-conspirators to finance lavish acquisitions of personal property, luxury real estate and business investments in the United States and elsewhere,” said Assistant Attorney General Brian Benczkowski in a Monday statement.

More than $4.5 billion originally meant to fund state investments was looted from 1MDB between 2009 and 2015 by high-level officials of the fund and a high-flying young businessman named Low Taek Jho, according to US investigators.

Low used much the money to buy luxurious homes and top-level art and invest in Hollywood movies, including the Martin Scorsese hit “Wolf of Wall Street”.

The Justice Department seized most of Low’s assets and has been slowly liquidating them for return to Malaysia.

AFP

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

Nigeria may impose visa restriction on Americans, others- Immigration

The Nigerian Government may reciprocate the visa restriction imposed on its citizens by the United States and other countries, the Nigeria Immigration...

Vladimir Putin says Russia has registered coronavirus vaccine and his daughter was one of the first recipents

MOSCOW – Russia on Tuesday became the first country to officially register a coronavirus vaccine and declare it ready for use, despite...

Lebanon government stands down over blast fallout

Lebanon's Prime Minister Hassan Diab announced his government's resignation on Aug. 10 under a barrage of pressure over the catastrophic Beirut port explosion six days earlier...

Worldwide coronavirus cases top 20 million

The number of confirmed coronavirus cases worldwide topped 20 million on Tuesday, more than half of them from the US, India and...

Trump leaves White House briefing due to shooting

US President Donald Trump was abruptly whisked away from an evening news conference Monday after the Secret Service opened fire on an...