US reaches settlement to recover over 49 mln USD linked to Malaysia’s 1MDB
The US has reached a settlement to recover more than 49 million USD involving the 1 Malaysia Development Berhad (1MDB) investment fund, the US Department of Justice (DoJ) said.
Hanoi (VNA) – TheUS has reached a settlement to recover more than 49 million USD involving the1 MalaysiaDevelopment Berhad (1MDB) investment fund, the US Department ofJustice (DoJ) said.
In a statement on May 6, the DoJ said it has settled its civil forfeiture casesagainst assets acquired by Khadem al-Qubaisi, former managing director of AbuDhabi’s International Petroleum Investment Company (IPIC), using fundsallegedly misappropriated from 1MDB and laundered through financialinstitutions in several jurisdictions, including the US, Switzerland, Singaporeand Luxembourg.
IPIC had guaranteed bonds for 1MDB in 2012, arranged by Goldman. Al-Qubaisi isreported to have been sentenced to prison for 15 years in Abu Dhabi in 2019.
In April, the DoJ repatriatedanother 300 million USD recovered from asset seizures linked to the 1MDBfund to Malaysia.
Along with other amounts returned to Malaysia a year ago, the US has so far helped Malaysiarecover more than 1 billion USD lost in the corruption scandal.
The 1MDB was founded by former Malaysian Prime Minister Nazib Razak in 2009 with the aimof boosting the country’s socio-economic development.
Malaysian and Americaninvestigators believe that the fund has looted about 4.5 billion USD, about 1billion USD of which was sent to Nazib’s personal bank account.
Last September, the DoJ reached a deal with Malaysian financier Jho Low toretake almost 1 billion USD in funds Low and his family had misappropriatedfrom the 1MDB./.
A Malaysia court on November 11 ordered the country’s former Prime Minister Najib Razak to present his defence against seven charges in a case linked to a scandal surrounding the 1Malaysia Development Berhad (1MDB) fund.
Three units of Goldman Sachs pleaded not guilty to charges of misleading investors regarding 6.5 billion USD in bond sales that the US investment bank helped raise for state fund 1Malaysia Development Berhad (1MDB), Bernama state news agency reported on February 24.
Malaysia has recovered 1.4 billion ringgit (323 million USD) stolen from the country’s development fund 1MDB, Prime Minister Muhyiddin Yassin's office said on March 17.
The high-profile trial of Malaysia’s former Prime Minister Najib Razak, who is facing corruption and money laundering charges relating to the 1Malaysia Development Berhad (1MDB) funds, has been postponed again.
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