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Ex-Coutts Banker on Trial Over $700 Million Transfer From 1MDB to Jho Low

A decade after billions of dollars were wired to Swiss banks, the country is holding its first trial into whether a local banker failed to stop a $700 million transfer into an account controlled by Low Taek Jho, the alleged mastermind behind the 1MDB scandal. The compliance officer, who can… Read More

Stepson of Malaysian ex-PM Najib could testify against him in 1MDB trial -prosecutors

Riza Aziz, the stepson of former Malaysian prime minister Najib Razak, has agreed to testify against the ex-premier in a trial linked to a multibillion-dollar fraud at state fund 1Malaysia Development Berhad (1MDB), prosecutors said on Tuesday. The announcement comes days after a Malaysian court agreed to drop a $248-million… Read More

Former top prosecutor says Riza deal ‘terrible for Malaysia’

AP — Malaysia’s former attorney-general said Monday that when prosecutors dropped money-laundering charges against “The Wolf of Wall Street” producer and stepson of ex-Prime Minister Najib Razak they gave him a “sweetheart deal” that is “terrible for Malaysia.” Former Attorney-General Tommy Thomas disputed statements by his successor and the country’s… Read More

14th May 2020

‘Wolf of Wall Street’ Producer Reaches Settlement Over 1MDB

Riza Aziz, one of the producers of “The Wolf of Wall Street” movie and stepson to Malaysia’s former leader Najib Razak, reached a settlement on Malaysia charges linked to 1MDB. He was discharged not amounting to acquittal on Thursday after reaching an agreement with the government, said Deputy Public Prosecutor… Read More

12th May 2020

Falcon Private Bank signals wind down with client transfer talks

Falcon Private Bank signalled its winding down on Monday, as the Swiss wealth manager involved in Malaysia’s 1MDB scandal said it was in advanced talks to transfer clients to another Swiss bank and exit private banking activities. “We have concluded that, especially in the current environment, the controlled cessation of… Read More

11th May 2020

How Jho Low Created A New Front For 1MDB Kickbacks In Kuwait

Sarawak Report — The Malaysian financial fixer Jho Low had been on the phone to his contacts, according to a source who witnessed the call. It was June 2016 and the location was the luxurious home of the family of the then Kuwaiti prime minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah. Read More

8th May 2020

U.S. reaches settlement to recover over $49 million involving Malaysia’s 1MDB: DOJ

The United States has reached a settlement to recover more than $49 million involving Malaysian sovereign wealth fund 1MDB, the Department of Justice said. The government of former Malaysian Prime Minister Najib Razak set up the 1MDB fund in 2009. The Justice Department has estimated more than $4.5 billion was… Read More

7th May 2020

How China & Kuwait Funnelled 1MDB Kickbacks To Pay Jho’s Low’s Top US/UK Law Firms

Sarawak Report — As part of his legal settlement over the Department Of Justice civil case late last year (criminal charges remain pending) Jho Low was allowed to set aside some $15 million from the assets seized in the United States to pay the law firms who had defended… Read More

29th April 2020

Malaysia is Looking for ex-CEO Wanted for Money Laundering

By Laura Mallene, OCCRP, 28 April 2020 OCCRP — Malaysian authorities have on Monday asked the public as well as Interpol for help in locating the ex-CEO of Asia Media, Wong Shee Kai, commonly known as Ricky Wong, who is suspected of money laundering and terrorism financing. The Securities… Read More

28th April 2020

Falcon Private Bank could lose Swiss licence in wake of 1MDB case: sources

Falcon Private Bank, a wealth manager that was at the centre of Malaysia’s 1MDB scandal, could lose its Swiss banking licence by the end of the week, two sources close to the situation told Reuters. Swiss financial markets watchdog FINMA could withdraw the licence for the private bank owned by… Read More

22nd April 2020

The Malaysian Job

This past January, Goldman Sachs CEO and chairman David Solomon strode onto a stage at the bank’s lower Manhattan headquarters to launch the first “Investor Day” in the famously secretive institution’s one-hundred-and-fifty-year history. The celebration was promoted as an inspiring review of Goldman’s “strategic road map and goals,” and the… Read More

20th April 2020

Malaysia arrests 14 Chinese men who targeted victims from China in cryptocurrency scam

Malaysian police have arrested 14 men from China for involvement in cryptocurrency (bitcoin) scams in a house at Horizon Hills in Iskandar Puteri, near Singapore. Assistant Commander Dzulkhairi Mukhtar said the arrests were made around 2.15pm on Saturday, April 18, following a two-month long surveillance operation. Read More

15th April 2020

U.S. returns another $300 million of recovered 1MDB funds to Malaysia

The U.S. Department of Justice on Tuesday said it has repatriated another $300 million to Malaysia in recovered money misappropriated from 1Malaysia Development Berhad, or 1MDB, the country’s sovereign wealth fund. The government of former Malaysian Prime Minister Najib Razak set up the 1MDB fund in 2009. The DOJ estimated… Read More

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