8th May 2020
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
29th April 2020
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… Read More
28th April 2020
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
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
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
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
7th April 2020
Malaysia’s recent change of government has driven a whistle-blower from the Southeast Asian country to Switzerland, while Pascal Najadi, the son of murdered banker Hussain Najadi, has said he is too scared to return to Malaysia. Despite fleeing, whistle-blower Xavier Justo has vowed not to give up his… Read More
1st April 2020
Luxembourg’s finance watchdog suspended the former CEO of private bank Edmond de Rothschild (Europe), Marc Ambroisien, for a decade, no longer allowing him to work in finance in the country over that period. The Comite de Surveillance du Secteur Financier (CSSF) accused Ambroisien of having failed to ensure strong internal governance… Read More
26th March 2020
AmBank has filed an application to strike out former prime minister Najib Razak’s lawsuit for alleged negligence in disclosing his bank account details to an unauthorised individual. The bank and its subsidiary AmIslamic Bank are seeking to annul the suit on grounds that Najib’s lawsuit discloses no reasonable cause of… Read More
25th March 2020
Just days after his gutted Bird Streets mansion finally sold for $18.5 million — a whopping $20 million loss — another former home of fugitive financier Jho Low has popped up for sale. This one, a sprawling mansion located in the ultra-exlusive Trousdale Estates section of Beverly… Read More