KUALA LUMPUR – Another US$452 million (RM1.9 billion) in misappropriated 1Malaysia Development Bhd (1MDB) funds have been repatriated to Malaysia, bringing the total to more than US$1.2 billion, said the US Justice Department.
According to court documents, the 1MDB funds were laundered through major financial institutions worldwide, including in the United States, Switzerland, Singapore and Luxembourg.
In a statement released by the DoJ, a landmark effort in 2016 that included 41 civil forfeiture actions filed in the US district court for the central district of California and one in the US district court for the district of Columbia by the Money Laundering and Asset Recovery Section (MLARS) of the Justice Department’s Criminal Division led to the seizure of more than US$1.7 billion in stolen assets.
“This is the largest recovery to date under the department’s Kleptocracy Asset Recovery Initiative. The funds include both funds finally forfeited and funds the department assisted in recovering and returning. The department continues to litigate actions against additional assets allegedly linked to this scheme.
“As alleged in the civil forfeiture complaints, from 2009 through 2015, more than US$4.5 billion in funds belonging to 1MDB were allegedly misappropriated by high-level officials of 1MDB and their associates, and Low Taek Jho (Jho Low), through a criminal scheme involving international money laundering and embezzlement. Some of the embezzlement proceeds were also allegedly used to pay bribes.
“Funds held by 1MDB and proceeds of bonds issued for and on behalf of 1MDB were taken and spent on luxury items, including homes and properties in Beverly Hills, New York, and London; a 300-foot (91.4m) superyacht; and, fine art by Monet and Van Gogh.
“The funds also were sent into numerous business investments, including a boutique hotel in Beverly Hills, a movie production company that made The Wolf of Wall Street while the embezzlement scheme was ongoing, the redevelopment of the Park Lane Hotel in Manhattan, and shares in EMI, the largest private music-rights holder. As alleged, other funds were provided to various public officials and co-conspirators.” – The Vibes, August 6, 2021
