Congratulations to the sixth Prime Minister of Malaysia, Datuk Seri Najib Razak!

He has hit the international jackpot as no other incident in his seven years as Prime Minister has so dominated world headlines in the last 36 hours as his brainchild – the 1MDB monster – after the expanded United States Department of Justice (DOJ) litigation to forfeit another US$540 million of assets it alleged were stolen from 1MDB, bringing the total 1MDB assets US DOJ wants to be forfeited because of money-laundering to more than US$4.5 billion.

The latest US DOJ action has laid to rest the hopes of some in the inner Najib circle that the new US President Trump would quash the US DOJ kleptocratic action on 1MDB, as Najib boasts as Trump’s “golfing buddy” and “favourite Prime Minister” with Najib having a signed photograph of Trump on his desk.

Nobody knows whether Trump’s signed photograph would now be removed, but Trump is fighting for his political life, with the fastest worsening presidential approving rating falling below 40 per cent in the history of US Presidents and facing possible impeachment proceedings following investigation for obstruction of justice to have much time and thought for Najib and the 1MDB scandal. There is in fact a large betting market in the US as to whether Trump could finish his first term of office. Read the rest of this entry »

JULIE BORT
Business Insider
JUN. 17, 2017

The US government has filed a lawsuit asking to take ownership of 2.5 million shares of preferred Palantir stock that were allegedly caught up in Malaysia’s massive 1MDB scandal.

On Thursday, the US Department of Justice filed a lawsuit to nab a huge assortment of assets, including some of Palantir’s stock. The government says these items were bought with allegedly stolen money from Malaysia 1Malaysia Development Berhad fund (1MDB).

The 1MDB fund was set up by Malaysian Prime Minister Najib Razak in 2009 to promote economic development. However, US authorities allege that between 2009 and 2014, billions of dollars were stolen from the fund by multiple people and then used to buy all sorts of things. Read the rest of this entry »

by Shamim Adam and Laurence Arnold
Bloomberg
16th June 2017

Malaysia’s state-owned investment fund, 1MDB, was supposed to attract foreign investment. Instead, it has spurred criminal and regulatory investigations around the world that have cast an unflattering spotlight on financial deal-making, election spending and political patronage under Prime Minister Najib Razak. A Malaysian parliamentary committee identified at least $4.2 billion in irregular transactions.

1. What is 1MDB?

It’s a government investment company — full name, 1Malaysia Development Berhad — that took shape in 2009 under Najib, who went on to lead its advisory board. Its early initiatives included buying privately owned power plants and planning a new financial district in Kuala Lumpur. The fund proved better at borrowing — it accumulated $12 billion in debt — than at luring large-scale investment. Read the rest of this entry »

by Greg Farrell
Bloomberg
16 June 2017

The U.S. Justice Department is seeking to recover $540 million in assets — including art works, jewelry and film rights — that it says were purchased with funds misappropriated from Malaysia’s 1MDB wealth fund.

It’s the latest attempt by the U.S. government to seize assets linked to the tainted fund, bringing the total sought by the Justice Department to $1.8 billion.

From 2009 through 2015, more than $4.5 billion belonging to 1Malaysia Development Bhd was diverted by high-level officials of the fund and their associates, according to complaints filed Thursday in the Central District of California.

The items cited in the new lawsuit as subject to seizure include a Park Avenue condominium, diamond jewelry, shares of fitness club operator Fly Wheel Sports Inc., a painting by Pablo Picasso titled “Nature Morte au Crane de Taureau” and rights to the 2014 film “Dumb and Dumber To.” Read the rest of this entry »

By Eileen Ng | AP
Washington Post
June 16 2017

KUALA LUMPUR, Malaysia — A Malaysian sovereign wealth fund has rejected U.S. Justice Department allegations over money laundering and alleged theft of a treasure trove of assets including diamonds, a yacht and private jet and penthouse apartments.

The Malaysian government-controlled fund known informally as 1MDB and other officials in Kuala Lumpur insisted Friday that there was no proof linking the fund to such crimes.

On Thursday, the U.S. Justice Department filed a civil case seeking recovery of $540 million in assets that it says were stolen from 1MDB, a fund intended to promote economic development projects. Overall, the Justice Department alleges that more than $4.5 billion has been stolen from the fund. Read the rest of this entry »