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U.S. returns another $300 million of recovered 1MDB funds to Malaysia
Source: Reuters
BUSINESS NEWS APRIL 14, 2020 / 5:53 PM / UPDATED 2 HOURS AGO
U.S. returns another $300 million of recovered 1MDB funds to Malaysia
WASHINGTON (Reuters) - The U.S. Department of Justice on Tuesday said it has repatriated another $300 million to Malaysia in recovered money misappropriated from 1Malaysia Development Berhad, or 1MDB, the country’s sovereign wealth fund.
The government of former Malaysian Prime Minister Najib Razak set up the 1MDB fund in 2009. The DOJ estimated $4.5 billion was siphoned out of Malaysia by high-level fund officials and their associates between 2009 and 2014 in a scandal that has also embroiled Goldman Sachs Group Inc (GS.N).
The funds were laundered through financial institutions in several jurisdictions, including the United States, Switzerland, Singapore and Luxembourg.
The Justice Department last year said it had recovered $1 billion in assets associated with the corruption scandal, its largest-ever civil forfeiture.
Some of those funds have already been returned to Malaysia, though Reuters reported last month that the United States had delayed the return of the latest installment. The funds were originally scheduled to be returned in February but were delayed first due to technical issues and then because of uncertainty over political upheaval in Kuala Lumpur.
-snip-
U.S. returns another $300 million of recovered 1MDB funds to Malaysia
WASHINGTON (Reuters) - The U.S. Department of Justice on Tuesday said it has repatriated another $300 million to Malaysia in recovered money misappropriated from 1Malaysia Development Berhad, or 1MDB, the country’s sovereign wealth fund.
The government of former Malaysian Prime Minister Najib Razak set up the 1MDB fund in 2009. The DOJ estimated $4.5 billion was siphoned out of Malaysia by high-level fund officials and their associates between 2009 and 2014 in a scandal that has also embroiled Goldman Sachs Group Inc (GS.N).
The funds were laundered through financial institutions in several jurisdictions, including the United States, Switzerland, Singapore and Luxembourg.
The Justice Department last year said it had recovered $1 billion in assets associated with the corruption scandal, its largest-ever civil forfeiture.
Some of those funds have already been returned to Malaysia, though Reuters reported last month that the United States had delayed the return of the latest installment. The funds were originally scheduled to be returned in February but were delayed first due to technical issues and then because of uncertainty over political upheaval in Kuala Lumpur.
-snip-
Read more: https://www.reuters.com/article/us-usa-1mdb-funds/u-s-returns-another-300-million-of-recovered-1mdb-funds-to-malaysia-idUSKCN21W32W
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