U.S. DOJ repatriates another $452 million in 1MDB funds to Malaysia
Reuters
Published Aug 06, 2021 01:14AM ET
KUALA LUMPUR (Reuters) - The U.S. Department of Justice (DOJ) has repatriated $452 million in misappropriated funds from 1Malaysia Development Bhd (1MDB), it said in a statement on Thursday, bringing the total amount recovered from the corruption scandal to $1.2 billion.
The funds, which were repatriated to Malaysia, had been laundered through major financial institutions worldwide, including in the United States, Switzerland, Singapore, and Luxembourg, the statement said.
"The funds include both funds finally forfeited and funds the Department assisted in recovering and returning. The Department continues to litigate actions against additional assets allegedly linked to this scheme," it said.
1MDB raised billions of dollars in bonds, ostensibly for investment projects and joint ventures, between 2009 and 2013.
More than $4.5 billion in funds belonging to 1MDB were allegedly misappropriated by high-level officials at the firm and their associates through a criminal scheme involving international money laundering and embezzlement.
The scandal implicated high-level officials, banks and financial institutions around the world.In addition to the purchasing of luxury assets, including real estate and a superyacht, the DOJ said some of the embezzlement proceeds were also used to allegedly pay bribes.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.