RSS   Newsletter   Contact   Advertise with us

United States reaches settlement to recover almost $40m million from 1MDB

Christian Fernsby ▼ | May 7, 2020
The Department of Justice has reached a settlement of its civil forfeiture cases against assets acquired by Khadem al-Qubaisi using funds allegedly misappropriated from 1Malaysia Development Berhad (1MDB), Malaysia’s investment development fund, and laundered through financial institutions in several jurisdictions, including the United States, Switzerland, Singapore and Luxembourg.
1Malaysia Development Berhad
1MDB   1Malaysia Development Berhad
These assets are estimated to be worth almost $40m million.

Topics: United States 1MDB

With the conclusion of this settlement, together with the prior disposition of other related forfeiture cases, the United States will have recovered or assisted in the recovery of nearly $1.1 billion in assets associated with the 1MDB international money laundering and bribery scheme.

This represents the largest recovery to date under the department’s Kleptocracy Asset Recovery Initiative and the largest civil forfeiture ever concluded by the Justice Department.