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The 1MDB affair has stretched from Malaysia to Singapore, Abu Dhabi, Switzerland, the Caribbean, Hong Kong and the US. Investigators believe that as much as $6bn of the $13bn of debt raised by the fund went missing. Low is also reported to own stakes in hotels and a music publishing business.Īsset seizures will be the fruit of at least six global investigations into 1MDB. Over the past year, Low has kept a low profile – a contrast to the heady days when he was known for throwing lavish parties with Paris Hilton and appearing on the red carpet with the singer Alicia Keys. Low, who has told newspapers that he provided informal consulting to 1MDB, has claimed he didn’t break any laws and wasn’t being investigated. In February, Jho Low, 34, auctioned off artworks by Claude Monet, Pablo Picasso and Jean-Michel Basquiat at Sotheby’s, picking up steep losses on two of the pieces that were purchased from the auctioneer in 20.Īll three works had been pledged as part of the collateral for a loan of about $100m from Sotheby’s Financial Services, Bloomberg reported. Liquidation beginsįigures allegedly connected to the 1MDB case have started liquidating assets. In a letter to the Guardian earlier this year, the company denied there was anything improper in its dealings.
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The actions could also affect the US’s relationship with Malaysia, as the investigations named figures including Riza Aziz, a film producer and stepson of the prime minister Low Taek Jho – often called Jho Low – a young, high profile Malaysian financier and Khadem al-Qubaisi, a former Abu Dhabi managing director of a sovereign-wealth fund.Īziz runs the Hollywood production company Red Granite Pictures, which funded and produced the 2013 Leonardo DiCaprio hit The Wolf of Wall Street. They total more than $1bn, the justice department said in a statement.Īdditionally, prosecutors in at least four countries – Singapore, Switzerland, Luxembourg and the US – are looking into money flows from the investment vehicle, formally called 1Malaysia Development Berhad, which was established for national development.Īmong the questions asked by investigators is whether politically connected individuals in Kuala Lumpur benefited financially from the fund, whose advisory board was headed by Razak, the Malaysian prime minister. The US attorney Eileen Decker said the case marked the justice department’s determination to send a “message that we will not allow the United States to become a playground for the corrupt, a platform for money laundering or a place to hide and invest stolen riches.”Īmong the assets the government is seeking are royalties from The Wolf of Wall Street, homes in Beverly Hills, a penthouse in the Time Warner building in Manhattan and a Vincent van Gogh drawing, according to the filing. The complaint, filed in California, alleges that funds diverted from 1MDB were used for the personal benefit of public officials and their relatives and associates. Corrupt officials around the world should make no mistake that we will be relentless in our efforts to deny them the proceeds of their crimes. Instead, they were stolen, laundered through American financial institutions and used to enrich a few officials and their associates. “With this action, we are seeking to forfeit and recover funds that were intended to grow the Malaysian economy and support the Malaysian people. “The Department of Justice will not allow the American financial system to be used as a conduit for corruption,” Lynch said. The operation is being led by the initiative, which was set up in 2010, and will demonstrate Washington’s determination to curb the movement of illegal funds. The civil action and asset seizures represent the “largest single action ever brought” by the justice department’s kleptocracy asset initiative, Lynch said. The seizures targeted by investigators include property, art drawings and a Claude Monet painting, a private jet and other assets purchased with money allegedly misappropriated from the fund. “Unfortunately and tragically, a number of corrupt officials treated this public trust as a personal bank account,” Lynch said at a news conference in Washington.