US Department of Justice Returns Over $ 1 Billion in Stolen Malaysian Funds | Voice of America


Washington-The US Department of Justice on Thursday returned an additional stolen $ 452 million from a Malaysian investment fund known as 1Malaysia Development Berhad (1MDB), adding at least the total amount sent to the Malaysian government over the five last years. He said it was $ 1.2 billion. ..

The Justice Department said in a statement that the funds were laundered through international financial institutions in the United States, Switzerland, Singapore and Luxembourg.

According to the Department of Justice, 1MDB was founded in 2009 to raise billions of dollars through global partnerships and foreign direct investment to “improve the welfare of the Malaysian people.”

Instead, according to the Justice Department, Low Taek Jho, known as 1MDB’s top official, partner and businessman Jho Low, was accused of embezzling more than $ 4.5 billion. dollars from the fund between 2009 and 2015.

In a scandal that shocked the financial world, prosecutors said executives spent stolen money on luxury goods such as expensive homes and real estate in Beverly Hills, New York and London. A 300 foot superyacht. Art by Monet and Van Gogh. Some of the embezzled money was used to bribe foreign officials.

Since 2016, the Justice Department has said it has recovered more than $ 1.7 billion in stolen assets from Malaysian funds. Efforts are underway to recover additional assets associated with the corruption scandal, the ministry said.

The scandal involved large financial institutions and senior executives. Last year, New York-based Goldman Sachs agreed to pay more than $ 2.9 billion to resolve civil and criminal charges filed in the US, UK, Singapore and elsewhere.

Former Goldman Sachs executive Roger Ng (center) will be leaving Brooklyn Federal Court on May 6, 2019 with attorney Mark Agniphilo in New York City.

In 2018, a federal grand jury in New York City colluded billions of dollars in misappropriated 1MDB money laundering and Foreign Corrupt Practices Act violation collusion, former executives of Joe and Goldman Sachs. I indicted Ncheonghwa. Bribes to various officials in Malaysia and Abu Dhabi.

Ng was then handed over from Malaysia to the United States in 2019. Jho remains a fugitive.

In June, a federal grand jury in Washington, DC issued an alternative indictment against Joe and Haitian-American rapper Prakazrel “Plaze” Michelle for waging a back door campaign to stop the Justice Department’s investigation into the 1MDB program. I did.

US Department of Justice Returns Over $ 1 Billion in Stolen Malaysian Funds | Voice of America

Source Link US Department of Justice Returns Over $ 1 Billion in Stolen Malaysian Funds | Voice of America


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