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1MBD money laundering and bribery scandal - U.S. Repatriates another $300 Million ($600 million in total) to Malaysia    

15/04/2020

The Department of Justice announced [14/4/2020] that it has repatriated to Malaysia approximately $300 million (RM 1.292 billion) in additional funds misappropriated from 1Malaysia Development Berhad (1MDB), Malaysia’s investment development fund.

All this money was laundered through financial institutions in several jurisdictions, including the United States, Switzerland, Singapore and Luxembourg.

Combined with other funds that the department previously returned to Malaysia in May 2019, the United States has returned or assisted Malaysia in recovering over $600 million (RM 2.6 billion) of funds misappropriated from 1MDB.  The department’s efforts to recover funds stolen from 1MDB are continuing.    In 2019, the U.S. District Court for the Central District of California entered judgments forfeiting more than $700 million in assets acquired by Low Taek Jho, aka Jho Low, and his family located in the United States, the United Kingdom and Switzerland.  To date, the United States has recovered or assisted in the recovery of more than $1 billion in assets associated with the 1MDB international money laundering and bribery scheme.

1MDB was created by the government of Malaysia to promote economic development in Malaysia through global partnerships and foreign direct investment.  The money was to be used to improve the well-being of the Malaysian people.   The assets subject to the 2019 judgments include high-end real estate in Beverly Hills, New York and London; a luxury boutique hotel in Beverly Hills; and tens of millions of dollars in business investments that Low allegedly made with funds traceable to misappropriated 1MDB monies.  According to the civil forfeiture complaints, from 2009 through 2015, more than $4.5 billion in funds belonging to 1MDB were allegedly misappropriated by high-level officials of 1MDB and their associates, including Low, through a criminal conspiracy involving international money laundering and bribery.

https://www.justice.gov/opa/pr/us-repatriates-300-million-malaysia-proceeds-funds-misappropriated-1malaysia-development