US reaches settlement to recover US$49 mil 1MDB money from UAE businessman

Khadem al-Qubaisi is accused of misappropriating funds from 1MDB laundered through several countries. FMTNews US

The US has slapped a forfeiture suit against Khadem al-Qubaisi, former managing director of International Petroleum Investment Company.

KUALA LUMPUR: The United States has reached a settlement to recover more than US$49 million involving 1MDB, according to the Department of Justice . In a statement, DoJ said it has settled its civil forfeiture cases against assets acquired by Khadem al-Qubaisi using funds allegedly misappropriated from 1MDB and laundered through financial institutions in several jurisdictions, including the United States, Switzerland, Singapore and Luxembourg.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

fmtoday /  🏆 5. in MY

Malaysia Latest News, Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US Treasury to borrow record US$3 trillion in Q2 | The Malaysian InsightFive-fold increase 'primarily driven by the impact of the Covid-19 outbreak'
Read more »

Ringgit slips against US$ on favourable US dataKUALA LUMPUR: The ringgit was slightly lower against the US dollar in the early session today as demand shifted towards the US dollars following favourable economic data from the United States.
Read more »

Reports on Afghan migrants drowned at Iran border ‘horrifying’, says US | The Malaysian InsightKabul investigating claims group died after being forced into river by Iranian border guards last week.
Read more »

US services sector ends decade of growth, contracts in April, says survey | Malay MailWASHINGTON, May 5 — The coronavirus pandemic slammed the US service sector in April, sending it contracting for the first time in nearly 11 years, according to an industry survey released today. The drop in the Institute for Supply Management’s (ISM) non-manufacturing index — to 41.8 per cent...
Read more »

State-backed hackers targeting coronavirus responders, US and UK warn | Malay MailLONDON, May 5 — Government-backed hackers are attacking healthcare and research institutions in an effort to steal valuable information about efforts to contain the new coronavirus outbreak, Britain and the United States said today in a joint warning. In a statement, Britain’s National Cyber...
Read more »

Disney takes US$1.4 bil hit from coronavirusThe media-entertainment giant's profit plunges 91% amid the pandemic. FMTNews
Read more »