Berhad – Financial Treason & Crime

Malaysia’s 1MDB, ex-unit seek recovery of $23 bln in assets

Reuters, 10 May 2021

Malaysian state fund 1Malaysia Development Berhad (1MDB) and a former unit have filed 22 civil suits seeking to recover more than $23 billion in assets from entities and people allegedly involved in defrauding them, the finance ministry said on Monday.

The ministry, in a statement on the suits, did not identify any of the individuals or entities being sued but said two foreign financial institutions were among them. The Edge business daily, citing court documents that it said it had seen, reported that JP Morgan (JPM.N) and Deutsche Bank (DBKGn.DE) were among those being sued.

Malaysian officials did not immediately confirm the names. Continue reading “Article: Malaysia’s 1MDB, ex-unit seek recovery of $23 bln in assets”

US Can’t Seize $330M Allegedly Tied To 1MDB Fraud Scheme

Caroline Simson, 10 March 2021

U.S. prosecutors came up short in their bid to seize some $330 million in assets held in escrow by Clyde & Co. that are allegedly connected to embezzled 1Malaysia Development Berhad funds when a California judge ruled that the government had not sufficiently shown how the money was tied to the alleged scheme.

U.S. District Judge Dale S. Fischer concluded on Tuesday that the government’s amended complaint filed last fall failed to show how the money — which an arbitral tribunal determined is owed to a PetroSaudi unit for drilling services provided to Venezuela’s state-owned oil company, Petróleos de Venezuela SA — was traceable to the fraud against 1MDB. Nor had the government proven that the funds were involved in a money laundering transaction, the judge found. Continue reading “Article: US Can’t Seize $330M Allegedly Tied To 1MDB Fraud Scheme”