US: Man at center of 1MDB probe held 85% stake in Park Lane Hotel: report
28 Jul 2016

The move by the U.S. government to seize a significant stake in the Park Lane Hotel, which is connected to a Malaysian development fund scandal, could be a boon to owners of the iconic Central Park South property.

If the Justice Department is successful, it would likely sell the controversial stake — which at one point formed 85 percent of the project’s equity — and inject the 46-story hotel with new capital, the Wall Street Journal reported.

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