Less Ads, More Data, More Tools Register for FREE

U.S. seeks to recover $300 mln more in 1MBD assets held in Britain

Wed, 16th Sep 2020 22:38

WASHINGTON, Sept 16 (Reuters) - The U.S. Department of
Justice is seeking to recover $300 million in additional assets
allegedly associated with the multibillion-dollar 1MDB scandal,
assets it has traced to an escrow account in the United Kingdom,
the agency said on Wednesday.

Malaysian and U.S. authorities estimate $4.5 billion was
stolen from 1MDB in an elaborate scheme that spanned the globe
and implicated high-level officials in the fund, former
Malaysian Prime Minister Najib Razak, executives at U.S. bank
Goldman Sachs, and others. Najib has denied wrongdoing.

In a complaint filed in the Central District of California
on Wednesday, the Justice Department said the $300 million was
traceable to a line of credit extended by Venezuela's state oil
company Petroleos de Venezuela S.A. to Saudi's PetroSaudi Oil
Services in connection with an oil drilling venture.

The companies are already embroiled in a legal dispute over
the funds which the Malaysian high court has sought to freeze
with cooperation from the British authorities.

The Justice Department said it was also seeking four dozen
promotional movie posters that Riza Aziz, a Hollywood producer
and Razak's stepson, acquired with more than $4 million in funds
traceable to assets embezzled from 1MDB.

Prosecutors dropped money-laundering charges against Aziz in
May after reaching a deal in which he agreed to help authorities
recover 1MBD-related assets.

Wednesday's complaint brings the total value of assets the
United States has sought to recover in relation to the scandal
to $2.1 billion - the largest ever asset recovery action brought
by the agency. So far the United States has recovered or
assisted Malaysia in recovering nearly $1.1 billion in assets.
(Reporting by Michelle Price; Editing by David Gregorio)

More News

UPDATE 1-IMF will explore options for re-allocating reserves to raise $100 bln for poor countries

(Adds quotes)WASHINGTON, June 13 (Reuters) - The International Monetary Fund on Sunday welcomed the Group of Seven's support for expanding the global lender's emergency reserves by $650 billion and said it would work with members on ways to provid...

Today 16:58

UPDATE 1-G7 leaders agreed to coordinate China approach much more closely - Canada PM Trudeau

(Releads with fresh quotes from Trudeau about China, background)June 13 (Reuters) - Group of Seven leaders on Sunday agreed to coordinate their response to the challenges posed by China "much much more closely", Canadian Prime Minister Justin Trud...

Today 16:52

UPDATE 1-Macron says we love sausage but let's not waste time on this

(Adds quotes)CARBIS BAY, France, June 13 (Reuters) - President Emmanuel Macron on Sunday said that France respects Britain's sovereignty but it is time to end rows over sausages and focus on more serious issues.Tensions between Britain and the Eu...

Today 16:30

UK records another 7,490 COVID cases, 8 deaths

CARBIS BAY, England, June 13 (Reuters) - The United Kingdom has recorded another 7,490 daily COVID-19 cases and the deaths of 8 people who tested positive for the virus within 28 days, official data shows.The 7,490 cases was down slightly from th...

Today 16:01

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.