U.S. seeks to recover $38 million in assets from 1MDB case
25 Feb 2019

The U.S. Justice Department on Friday said it had filed complaints seeking forfeiture and recovery of approximately $38 million in assets associated with its 1Malaysia Development Berhard – or 1MDB – case, bringing the assets now subject to forfeiture to a total of about $1.7 billion.

“These new lawsuits target assets collected by corrupt officials and their associates through a massive scheme that stole billions of dollars from the people of Malaysia and laundered the proceeds across the world,” U.S. Attorney Nick Hanna said in a statement.

The complaints filed on Friday in California involve luxury real estate in London and New York, as well as converted equity in a Kentucky facilities management company, and are tied to 2012 and 2013 bond offerings from the sovereign wealth fund, the department said.

– By Lisa Lambert, Reuters, 22 February 2019

Link to Reuters

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One Response to “U.S. seeks to recover $38 million in assets from 1MDB case”
James Michaels

James Michaels March 7, 2019

An analysis of the offshore companies used to mask alleged illicit moneyflows linked to the 1MDb case identifies that of the 85 or so offshore companies used, 72 were registered in the Seychelles and the rest in BVI. But the companies registered in BVI were established at the request the Seychelles agent, Offshore Incorporations Ltd (OIL). Offshore Incorporations is just a managed services agent owned by Mayfair Trust based in London.

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