U.S. returns $452 million to Malaysia after corruption scandal

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U.S. returns $452 million to Malaysia after corruption scandal

U.S. DOJ repatriates another $452 million in 1 MDB funds to Malaysia A man walks past a 1 Malaysia Development Berhad billboard at the flagship Tun Razak Exchange development in Kuala Lumpur, Malaysia A man walks past a 1 Malaysia Development Berhad billboard at the funds flagship Tun Razak Exchange business.

KUALA LUMPUR - The U.S. Department of Justice repatriated $452 million in misappropriated funds from 1 Malaysia Development Bhd, it said in a statement on Thursday, bringing the total amount recovered from the corruption scandal to $1.2 billion.

The funds were laundering in Malaysia, which were returned to Switzerland, Singapore and Luxembourg, the statement said.

The funds include both funds recovered and returned and recovered by the Department. The Department continues to litigate actions against additional assets allegedly linked to this scheme, it said.

One MDB raised billions of dollars for investment projects and joint ventures between 2009 and 2013.

More than $4.5 billion in funds belonging to 1 MDB were allegedly misappropriated by international executives at the firm and their associates through a high-level scheme involving international money laundering and embezzlement.

The scandal involved high level officials, banks and financial institutions around the world. In addition to the purchasing of luxury assets, including real estate and a superyacht, the DOJ said some of the embezzlement proceeds were also used to allegedly pay bribes