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October 30, 2019

Posted  October 30, 2019

The U.S. has reached a settlement in asset forfeiture proceedings involving assets fraudulently acquired by Low Taek Jho, also known as Jho Low, and his family, from Malaysia’s international development fund, 1MDB, and held at institutions in the U.S., U.K., and Switzerland.  The settlement secures assets estimated to be worth $700 million, bringing the total recovery of assets associated with the 1MDB bribery and money laundering schemes to more than $1 billion. The assets subject to the settlement agreement include high-end real estate in Beverly Hills, New York and London; a luxury boutique hotel in Beverly Hills; and tens of millions of dollars in business investments that Low allegedly made with funds traceable to misappropriated 1MDB monies. DOJ

Tagged in: Financial and Investment Fraud,