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Ex-Genneva directors, five others jailed, fined for money laundering, illegal deposit taking

Eight individuals were sentenced to between three and nine years in jail by the High Court here today, for money laundering and illegal deposit taking related to gold bullion investments in 2011. Judicial Commissioner Datuk Ahmad Shahrir Mohd Salleh also fined all accused between RM1 million to RM3 million and… Read More

Malaysian lawyer faces money laundering charges involving $4.9m cheques from Najib

Lawyer Mohd Hafarizam Harun on Monday (Aug 3) claimed trial to three money laundering charges for receiving RM15 million (S$4.9 million) in illicit funds from former premier Najib Razak in 2014 and 2015. Hafarizam, a legal adviser for Umno, pleaded not guilty when the three charges were read out to… Read More

$340m in London law firm’s account suspected of 1MDB connection

Investigators probing one of the world’s largest financial frauds have said they suspect $340m (£255m) held in the bank account of a major London law firm is linked to money allegedly embezzled from the Malaysian state investment fund 1MDB. According to court papers, Malaysia’s anti-corruption agency is urgently trying… Read More

3rd August 2020

Swiss banker found guilty in $700 million 1MDB transfer

A former Coutts & Co. banker was found guilty of failing to flag money-laundering concerns related to a $700 million transfer into an account controlled by Low Taek Jho, the alleged mastermind behind the 1MDB scandal. The man, who was only identified as A., was fined 50,000 Swiss francs… Read More

3rd August 2020

Inside Goldman’s five-day race to seal a 1MDB deal with Malaysia

As negotiators from Goldman Sachs Group Inc. and the Malaysian government gathered at the Mandarin Oriental hotel in Kuala Lumpur last week, the two sides could hardly have been further apart on a 1MDB deal. The storied U.S. bank, needing to turn the page on one of the biggest… Read More

29th July 2020

Najib Razak, Malaysia’s Former Prime Minister, Found Guilty in Money Laundering Trial

A Malaysian court on Tuesday found Najib Razak, the country’s former prime minister, guilty of corruption on charges stemming from the disappearance of $4.5 billion from a government investment fund he once controlled. The trial, the first of several related to the pilfering of funds from the 1 Malaysia… Read More

27th July 2020

Goldman Sachs settles 1MDB dispute with Malaysia for $3.9 Billion

Goldman Sachs Group Inc. will pay $2.5 billion to the government of Malaysia for its role in the alleged theft of billions of dollars from a government investment fund, bringing the Wall Street bank close to ending one of the worst scandals in its history. Goldman also guaranteed… Read More

15th July 2020

Malaysia in bid to restrain PetroSaudi from using alleged 1MDB funds in UK firm

The government has filed an application seeking to prohibit PetroSaudi International and its director Tarek Obaid from using over US$340 million in alleged funds from 1MDB kept in a client’s account of a UK law firm. In the application filed on July 10, the government contended that the US$340,258,246.87 in… Read More

13th July 2020

1MBD scandal: Kuwait royal family member arrested for money laundering

Sheikh Sabah Jaber Al Mubarak Al Sabah, son of the former prime minister, and his business partner Hamad Al Wazzan, were arrested on Wednesday night for money laundering related to the Malaysian fund case, known as the 1MBD scandal, Al Qabas reported. Attorney General Dharar Al Asousi issued a warrant… Read More

8th July 2020

London law firm did PR for Malaysian fugitive accused of corruption

The law firm that represents the Duchess of Sussex has received $1.3m (£1m) for its work on a public relations campaign for a fugitive Malaysian financier accused of masterminding one of the world’s largest corruption scandals, documents show. Schillings, a London-based firm that specialises in managing the reputations of wealthy… Read More

6th July 2020

MACC undersea tunnel probe to centre on money laundering

The probe into the RM6.3 billion Penang undersea tunnel and connected roads project will centre around possible money laundering, Malaysian Anti-Corruption Commission (MACC) chief Azam Baki said today. He expected the probe to take another two to three weeks to be completed before submission to the prosecutors. Speaking to FMT,… Read More

3rd July 2020

U.S. seeks Warhol, Monet paintings linked to 1MDB scandal

The U.S. Department of Justice on Wednesday said it was looking to recover another $96 million in assets in real estate and artwork linked to the 1Malaysia Development Berhad (1MDB) international money-laundering conspiracy. The assets include luxury real estate in Paris and paintings by Claude Monet and Andy Warhol linked… Read More

19th June 2020

Malaysia Seeks to Amend 1MDB Charges Against Goldman Sachs

Malaysian prosecutors will seek to amend charges against three Goldman Sachs Group Inc. units in the case involving troubled state fund 1MDB. Prosecutors will be seeking amendments involving liability, with Goldman’s lawyers arguing the proposed changes would be substantial, according to proceedings at the Kuala Lumpur High Court on… Read More

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