US: Suspension of 1MDB civil suits
The US Department of Justice have now asked the courts to suspend national forfeiture action brought to reclaim assets which are allegedly embezzled by the Malaysian financier, Low Taek Jho, in the 1MDB investment fund scandal. The department is seeking to avoid any leakage of sensitive information regarding their own investigations.
1Malaysia Development Berhad, (1MDB) was created as an investment fund in 2009 with the view to attract more foreign investments into Malaysia. However, in 2015, 1MDB were accused of embezzlement and money laundering of USD $4.5 billion.
Following this, through some in-depth research, it was discovered that some of the officials of 1MDB and their colleagues committed money laundering through complicated financial transactions and shell companies with bank accounts in different states.
In the summer of 2016, the prosecutors managed to reclaim more than USD $1 billion that was redirected to numerous projects such as, properties in California and New York, art by Claude Monet and Van Gogh and a USD $35 million private jet. In addition, some of the wealth which was diverted from the fund assisted in the financing of the movies, “The Wolf of Wall Street” and “Dumb and Dumber To”.
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