US recovers another US$49 million looted from 1MDB
The US Department of Justice has helped recover US$49 million in assets after a settlement with Khadem al-Qubaisi, who was accused of helping siphon 1MDB funds out of Malaysia. – AFP file pic, May 7, 2020.
US authorities have reached a deal to recover another US$49 million in assets bought with money looted from 1Malaysia Development Berhad fund and laundered through the global financial system. Billions of dollars were plundered from the sovereign wealth fund and spent on everything from a luxury yacht to artwork in a fraud allegedly involving former prime minister Najib Razak and his inner circle.
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