[ad_1]
KUALA LUMPUR: The United States has reached an agreement to recover more than $ 49 million involving the Malaysian sovereign wealth fund 1MDB, the Justice Department said.
The government of former Malaysian Prime Minister Najib Razak established the 1MDB fund in 2009. The Department of Justice has estimated that more than $ 4.5 billion was diverted from Malaysia by high-level fund officials and their associates between 2009 and 2014 in a scandal that has also involved Goldman Sachs Group Inc.
The Justice Department said in a statement dated May 6 that it resolved its civil forfeiture cases against assets acquired by former managing director of the Abu Dhabi International Petroleum Investment Company (IPIC), Khadem al-Qubaisi, using funds allegedly embezzled from 1MDB and laundered through financial resources. institutions in various jurisdictions, including the United States, Switzerland, Singapore, and Luxembourg.
IPIC had guaranteed bonds for 1MDB in 2012, organized by Goldman. Al-Qubaisi was reportedly sentenced to prison for 15 years in 2019.
With this and the related related seizure cases, the United States will have recovered or assisted in the recovery of nearly $ 1.1 billion in assets associated with 1MDB, representing the largest civil seizure ever concluded by the agency, the Justice Department said.
The Atlantic Property Trust, which oversees the assets in question in these forfeiture actions, has agreed to waive all assets subject to pending forfeiture claims in which they have a potential interest.
The trustee, who is al-Qubaisi’s wife, must also cooperate and assist the Justice Department in the orderly transfer, administration and disposal of the relevant assets, the Justice Department said.
Efforts to contact the Trust were not immediately successful.
Assets subject to the settlement agreement include the proceeds from the sale of high-end real estate in Beverly Hills, as well as a luxury penthouse in New York City that al-Qubaisi allegedly acquired with funds that can be traced to money. embezzled from 1MDB, the agency said.
Assistant Attorney General Brian A. Benczkowski of the agency’s Criminal Division said the deal “sends a clear signal that the Justice Department is committed to tracking, seizing and losing criminal proceeds that are laundered through the system American financier. “
The Justice Department said several related civil forfeiture complaints remain pending against assets associated with other alleged conspirators. – Reuters
[ad_2]
