Corruption Cash Returned

**tomcat** · 15-04-2020, 06:37 AM

U.S. Returns $300 Million of Jho Low-Linked Funds to Malaysia
By Edvard Pettersson
April 15, 2020, 4:47 AM GMT+7

Jho Low Photographer: Michael Loccisano/Getty Images

The U.S. returned to Malaysia another $300 million that was recovered as part of the Justice Department’s forfeiture lawsuits targeting assets that fugitive financier Low Taek Jho and his associates bought with funds allegedly stolen from the country’s 1MDB investment fund.

With the latest repatriation, the U.S. has sent $600 million back to Malaysia as part of the continuing effort to seize and liquidate the assets, including real estate, business investments, art work and jewelry, that Low, commonly known as Jho Low, his family and his cronies acquired with the money they are accused of siphoning from the state fund after it was set up in 2009.

While Low has denied wrongdoing, he and his family last year dropped their defense of the forfeiture lawsuits that have been pending in federal court in Los Angeles, which has allowed the government to seize more than $700 million in assets. Some of the real estate, including luxury condominiums in New York and mansions in Beverly Hills, have been put on the market.

The 1MDB global corruption scandal toppled the previous Malaysian government of Najib Razak, ensnared a Wall Street powerhouse and set off investigations across the globe.

The U.S. has helped to recover more than $1 billion in assets linked with the 1MDB money laundering and bribery scheme, making it the Justice Department’s largest-ever civil forfeiture, according to a statement Tuesday by the U.S. attorney’s office in Los Angeles.

Bloomberg/asia

**Dragonfly** · 15-04-2020, 01:22 PM

why would anyone give any money to that fuck face in the first place?

that guy smells bullshit from a mile around, or maybe after living in Thailand, the land of fakes, for so long, I can smell them immediately

**kmart** · 15-04-2020, 01:29 PM

There was an excellent documentary series recently covering this scandal, (amongst other juicy fat banking / drug-laundering scams).

"Dirty Money".

Jared Kushner Is A Focus of Netflix’s “Dirty Money”

**Dragonfly** · 15-04-2020, 01:37 PM

will need to download that one, thanks

**Seekingasylum** · 15-04-2020, 01:59 PM

This is what I like about the Septics, when it comes to dealing with fraudsters and this sort of scum they sure don't fuck around. If it was London, the dink would probably get to keep most of it. Madoff, the Enron boys, The Wolf of Wall St chap would have either got suspended sentences or two years at most if prosecuted at the Old Bailey.

**kmart** · 15-04-2020, 02:13 PM

^That is just 'tip of the iceberg' stuff.

**tomcat** · 12-05-2021, 03:47 PM

UPDATE 2-U.S. returns $460 mln in recovered 1MDB funds to Malaysia

Wed, May 12, 2021, 1:46 PM

KUALA LUMPUR, May 12 (Reuters) - Malaysia on Wednesday said the U.S. Department of Justice has returned 1.9 billion ringgit ($460.22 million) of funds recovered from assets related to sovereign fund 1Malaysia Development Berhad (1MDB).

Malaysian and U.S. investigators say at least $4.5 billion was stolen from 1MDB between 2009 and 2014, in a wide-ranging scandal that has implicated high-level officials, banks and financial institutions around the world.

The United States has been returning funds it has recovered from seized assets that were allegedly bought with stolen 1MDB money.

Malaysia has so far received 16.05 billion ringgit ($3.89 billion) of seized and repatriated 1MDB funds, the finance ministry said in a statement.
It plans to use the recovered funds to repay liabilities of 1MDB and its former unit SRC. 1MDB has 39.8 billion ringgit in outstanding debt, while the unit SRC has 2.57 billion ringgit of remaining debt, the ministry said.

The funds - held in a special trust account - are sufficient to service 1MDB's debt obligations for 2021 and 2022, the ministry said.
The account does not currently include the $700 million settlement reached with Malaysian banking group Ambank and $60 million settlement with audit firm Deloitte earlier this year.

Negotiations are also currently ongoing with auditor KPMG, the finance ministry said without disclosing more details.
Over the last three years, Malaysia has been trying to recover 1MDB funds from global banks, financial institutions, individuals and other entities it says have caused losses from 1MDB.

This week, 1MDB filed 22 lawsuits in a court in Malaysia to recover assets worth in excess of $23 billion.
Those being sued include units of Deutsche Bank, J.P. Morgan and Coutts & Co.

Goldman Sachs, which helped raise billions for 1MDB, last year paid $2.5 billion to settle a Malaysian probe into the investment bank's role in the 1MDB scandal. It has also promised to help Malaysia recover assets worth $1.4 billion. ($1 = 4.1285 ringgit)

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