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Saudi Businessman Tests U.S. Jurisdiction Over 1MDB-Linked Asset

Federal prosecutors in Los Angeles have been working for three years to recover assets around the world that were allegedly acquired with billions of dollars stolen from Malaysia’s 1MDB fund by people associated with former prime minister Najib Razak. But the question of whether the civil forfeiture lawsuits for overseas… Read More

‘Billion-dollar whale’: Dark secret of mega-rich fugitive Jho Low

Kylie Jenner’s outrageously extravagant 22nd birthday party in Italy earlier this month was held on the 91-metre Tranquility superyacht, which features a beauty salon, sauna, gym, massage room, plunge pool and two helipads. The luxury vessel, which cost $1.2 million for a week’s hire, is also home to a secret. Read More

Malaysia Is Revising Rules Against Money Laundering

Bank Negara Malaysia is finalizing revisions to guidelines against money laundering and terrorism financing. The central bank will publish a draft and seek feedback on the changes in September, Assistant Governor Adnan Zaylani Mohamad Zahid said in the text of a speech Thursday. Starting next year, the regulator is increasing… Read More

29th August 2019

At start of 1MDB trial, prosecution paints a tale of excess and abuse

Malaysian prosecutors on Wednesday said former prime minister Najib Razak abused his power to cover up the theft of hundreds of millions of dollars from the state fund 1MDB and used the fund for self-gratification. On the opening day of the biggest trial in the 1MDB financial scandal, prosecutor Gopal… Read More

28th August 2019

Prosecution rests in 1st case against Malaysia’s ex-PM Najib

AP — Malaysian prosecutors Tuesday wrapped up their case against former Prime Minister Najib Razak in his first corruption trial, paving the way for his second court case to begin. Prosecutors told the High Court that they were resting their case against Najib after questioning 57 witnesses since the trial… Read More

19th August 2019

Malaysia set to begin biggest 1MDB trial involving ex-PM Najib

Malaysia’s former prime minister, Najib Razak, on Monday faces the biggest of five trials linked to a multi-billion-dollar scam at state fund 1MDB, although lawyers are seeking a delay to allow time for the completion of a previous trial. Najib, who lost a general election last year, has been hit… Read More

19th August 2019

Goldman’s Star in Hong Kong Turns Into 1MDB Scandal’s Enigmatic Man

Andrea Vella was Goldman Sachs’s top dealmaker in Hong Kong. He had a nose for splashy trades, a fondness for the Bentley Continental, and a vague enough resemblance to George Clooney that there was even a joke among some bankers: “What would George do?” That was almost a year ago. Read More

16th August 2019

Prosecutors seek sale of luxury homes linked to stepson of Malaysian ex-PM

U.S. prosecutors are seeking to sell three luxury homes linked to the stepson of former Malaysian prime minister Najib Razak, court documents showed, in the latest effort to recover money allegedly stolen from Malaysian fund 1MDB. Malaysian and U.S. authorities allege that about $4.5 billion was misappropriated from 1Malaysia Development… Read More

12th August 2019

Malaysia files criminal charges against 17 Goldman Sachs executives

Malaysia filed criminal charges on Friday against 17 current and former directors at subsidiaries of Goldman Sachs Group Inc (GS.N) following an investigation into a multi-billion-dollar corruption scandal that led to the demise of state fund 1MDB. The U.S. bank has been under scrutiny for its role in… Read More

9th August 2019

Pakistan Wants China’s Help to Skirt Terror-Financing Blacklist

Pakistan is looking to China and two other developing nations for support in avoiding tough financial sanctions, amid signs it is running out of time to meet global anti-money laundering and counter-terrorism financing standards, according to people familiar with the matter. The government in Islamabad expects it will fail to… Read More

5th August 2019

35 bank accounts frozen, cash and properties worth RM4m seized in raids on unlicensed MSBs in Penang, Klang Valley, says Bank Negara

A total of 35 bank accounts were frozen in addition to RM4 million cash and properties seized in raids on a network of illegal money services business (MSB) operators around the Klang Valley and Penang. Bank Negara in a statement said the raiding operation, held in collaboration with the Royal… Read More

19th July 2019

Ex-Goldman Banker in Plea Talks To Avoid U.S. Trial Over 1MDB Charges

Former Goldman Sachs Group Inc. banker Roger Ng is still in plea talks to avoid a U.S. trial on charges that he violated American anti-bribery laws and conspired to launder money embezzled from Malaysia’s state investment fund 1MDB. At a hearing Thursday in federal court in Brooklyn,… Read More

16th July 2019

Najib: Yes, my credit cards used for RM3.3m in one day to buy gifts for ‘royalty’

Datuk Seri Najib Razak appears to have admitted that his two personal credit cards were used in 2014 for transactions worth RM3.3 million in a single day at a Swiss luxury jeweller’s store in Italy, but has claimed that the money was splashed out on gifts for a mysterious unnamed… Read More

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