Malaysia $6.5 Billion Sovereign Wealth Fund 1MDB Scandal: Ex-Malaysia Prime Minister Najib Razak Stepson Riza Shahriz Abdul Aziz in Civil Lawsuit for Siphoning $248 Million of 1MDB Funds to Pay for Expenses Including Gambling, Real Estates & Productions Including Wolf of Wall Street, Lawsuit Claiming Against Riza Shahriz Abdul Aziz and His 2 Companies Red Granite Pictures & Red Granite Capital
19th October 2024 | Hong Kong
Malaysia $6.5 Billion Sovereign Wealth Fund 1MDB Scandal – Ex-Malaysia Prime Minister Najib Razak stepson Riza Shahriz Abdul Aziz is in a civil lawsuit for siphoning $248 million of 1MDB funds to pay for expenses including gambling, real estates & productions including Wolf of Wall Street. The lawsuit is claiming against Riza Shahriz Abdul Aziz, and his 2 companies Red Granite Pictures & Red Granite Capital. In 2024 September, whistleblower & ex-Director at PetroSaudi Xavier Justo says in his Linkedin post “Whistleblowing act is not a one-time event, but the start of a long, hard-fought battle”. Whistleblower Xavier Justo had shared details of of billions siphoned from 1MDB between 2009 to 2011 to Malaysia media The Edge & The Sarawak Report. He was arrested in Thailand in 2015 June, and sentenced to 3 years jail after admitting to blackmailing employer. Xavier Justo was granted amnesty by the King of Thailand after 18 months alongside 150,000 prisoners. In 2024 August, the Swiss Federal Criminal Court sentenced Swiss & Saudi national Tarek Obaid to 7 years in jail and Swiss & British national Patrick Mahony to 6 years in jail for embezzling $1.8 billion from 1MDB, transferring at least $1.8 billion to Saudi oil exploration & production company PetroSaudi from 2009 to 2015. The Switzerland court ordered assets & $240 million in bank accounts in Switzerland & UK to be returned to 1MDB. Xavier Justo: “After a decade of relentless struggle, justice has finally prevailed. For ten long years, we fought tirelessly to bring these criminals to account. The path was arduous, filled with countless obstacles, sleepless nights, and moments of doubt that tested our resolve. Yet we never wavered in our belief that truth and justice would triumph, no matter the power of the opposition. As the verdict was read, the weight of those years seemed to lift, if only momentarily. It was a poignant reminder that when you stand your ground and know in your heart that you are righteous, nothing can truly impede your progress. We fought this battle not just for ourselves, but for all those who have been wronged and for those who believed in the power of justice. This victory stands as a beacon of hope, a testament that even in the face of immense adversity, justice can and will prevail. This is also proof that a whistleblowing act is not a one-time event, but the start of a long, hard-fought battle. It shows that even the smallest can triumph over the mightiest. However, the lawyers have emerged as the true victors, profiting from the stolen funds they aim to prolong the legal proceedings through appeals. One final battle remains, as Tarek Obaid seeks to gain access to the more than $300 million frozen in London. I will ensure that this money rightfully belongs to the Malaysian and Venezuelan people, not the criminals. To everyone who stood by us, believed in us, and never lost faith, we thank you. This victory is for all of us. Justice has been served.” In 2024 April, Malaysia sovereign wealth fund 1MDB trial started in Switzerland (2/4/24) for 2 individuals in $1.8 billion embezzlement & money-laundering case. The 2 individuals are Swiss & Saudi National Tarek Obaid and Swiss & British National Patrick Mahony, who are accused of transferring at least $1.8 billion to Saudi oil exploration & production company PetroSaudi from 2009 to 2015. In 2024 July, the United States Justice Department is recovering $85 million of assets in forfeiture orders issued to $6.5 billion 1MDB mastermind Jho Low & family, with assets forfeited include diamonds, drawing by Vincent van Gogh, Venetian Sunset painting by Claude Monet & $27.3 million in UBS. Assets forfeiture by ex-1MDB lawyer Jasmine Loo include an artwork by Pablo Picasso & $25,000 in a Switzerland bank account. A total of $1.4 billion had been recovered by the United States Justice Department. In 2024 June, The United States Justice Department (DOJ) has reached a deal with $6.5 billion 1MDB mastermind Jho Low & his family to recover $100 million of assets including a luxury apartment in Paris, $67 million of properties & cash in bank accounts in Hong Kong, Singapore & Switzerland, and $35 million of artworks in Switzerland by Claude Monet & Andy Warhol. Jho Low previous deal in 2020 with United States prosecutors include returning $700 million of assets (Beverly Hills Hotel, Real Estate in New York & London). In 2023 June, Malaysian Anti-Corruption Commission (MACC) had been quoted to believe that $6.5 billion 1MDB Mastermind Jho Low & fellow suspects are hiding in Macau (China). One suspect (Kee Kok Thiam) had been arrested (3/5/23) after being deported from Macau (China). In 2023 April, Grammy awards winner “Killing Me Softly” (Fugues, Hip Hop Group) Pras Michel had been found guilty of conspiring with alleged mastermind of $6.5 billion 1MDB scandal Jho Low, receiving $20 million to capture photo with United States President Barrack Obama in 2012 and $70 million to lobby United States to drop investigations of Jho Low. Pras Michel was convicted for violating the Foreign Agents Registration Act (Maximum sentence is 20 years in jail) and providing false statements & witnesses tempering. Pras Michel’s lawyer David Kenner will appeal the verdict (deadline 9th June 2023). Earlier in March 2023, Roger Ng had been sentenced to 10 years jail in the $2.7 billion Malaysia 1MDB bribery & money laundering scheme. More info below.
“ Malaysia $6.5 Billion Sovereign Wealth Fund 1MDB Scandal: Ex-Malaysia Prime Minister Najib Razak Stepson Riza Shahriz Abdul Aziz in Civil Lawsuit for Siphoning $248 Million of 1MDB Funds to Pay for Expenses Including Gambling, Real Estates & Productions Including Wolf of Wall Street, Lawsuit Claiming Against Riza Shahriz Abdul Aziz and His 2 Companies Red Granite Pictures & Red Granite Capital “
Malaysia $6.5 Billion Sovereign Wealth Fund 1MDB Scandal: Whistleblower & ex-Director at PetroSaudi Xavier Justo Says Whistleblowing Act is Not a One-time Event, But the Start of a Long, Hard-Fought Battle, Shared Details of of Billions Siphoned from 1MDB Between 2009 to 2011 to Malaysia Media The Edge & The Sarawak Report, Arrested in Thailand in 2015 June & Sentenced to 3 Years Jail after Admitting to Blackmailing Employer, Granted Amnesty by King of Thailand after 18 Months Alongside 150,000 Prisoners
5th September 2024 – Malaysia $6.5 Billion Sovereign Wealth Fund 1MDB Scandal – Whistleblower & ex-Director at PetroSaudi Xavier Justo says in his Linkedin post “Whistleblowing act is not a one-time event, but the start of a long, hard-fought battle”. Whistleblower Xavier Justo had shared details of of billions siphoned from 1MDB between 2009 to 2011 to Malaysia media The Edge & The Sarawak Report. He was arrested in Thailand in 2015 June, and sentenced to 3 years jail after admitting to blackmailing employer. Xavier Justo was granted amnesty by the King of Thailand after 18 months alongside 150,000 prisoners. In 2024 August, the Swiss Federal Criminal Court sentenced Swiss & Saudi national Tarek Obaid to 7 years in jail and Swiss & British national Patrick Mahony to 6 years in jail for embezzling $1.8 billion from 1MDB, transferring at least $1.8 billion to Saudi oil exploration & production company PetroSaudi from 2009 to 2015. The Switzerland court ordered assets & $240 million in bank accounts in Switzerland & UK to be returned to 1MDB. Xavier Justo: “After a decade of relentless struggle, justice has finally prevailed. For ten long years, we fought tirelessly to bring these criminals to account. The path was arduous, filled with countless obstacles, sleepless nights, and moments of doubt that tested our resolve. Yet we never wavered in our belief that truth and justice would triumph, no matter the power of the opposition. As the verdict was read, the weight of those years seemed to lift, if only momentarily. It was a poignant reminder that when you stand your ground and know in your heart that you are righteous, nothing can truly impede your progress. We fought this battle not just for ourselves, but for all those who have been wronged and for those who believed in the power of justice. This victory stands as a beacon of hope, a testament that even in the face of immense adversity, justice can and will prevail. This is also proof that a whistleblowing act is not a one-time event, but the start of a long, hard-fought battle. It shows that even the smallest can triumph over the mightiest. However, the lawyers have emerged as the true victors, profiting from the stolen funds they aim to prolong the legal proceedings through appeals. One final battle remains, as Tarek Obaid seeks to gain access to the more than $300 million frozen in London. I will ensure that this money rightfully belongs to the Malaysian and Venezuelan people, not the criminals. To everyone who stood by us, believed in us, and never lost faith, we thank you. This victory is for all of us. Justice has been served.” In 2024 April, Malaysia sovereign wealth fund 1MDB trial started in Switzerland (2/4/24) for 2 individuals in $1.8 billion embezzlement & money-laundering case. The 2 individuals are Swiss & Saudi National Tarek Obaid and Swiss & British National Patrick Mahony, who are accused of transferring at least $1.8 billion to Saudi oil exploration & production company PetroSaudi from 2009 to 2015. In 2024 July, the United States Justice Department is recovering $85 million of assets in forfeiture orders issued to $6.5 billion 1MDB mastermind Jho Low & family, with assets forfeited include diamonds, drawing by Vincent van Gogh, Venetian Sunset painting by Claude Monet & $27.3 million in UBS. Assets forfeiture by ex-1MDB lawyer Jasmine Loo include an artwork by Pablo Picasso & $25,000 in a Switzerland bank account. A total of $1.4 billion had been recovered by the United States Justice Department. In 2024 June, The United States Justice Department (DOJ) has reached a deal with $6.5 billion 1MDB mastermind Jho Low & his family to recover $100 million of assets including a luxury apartment in Paris, $67 million of properties & cash in bank accounts in Hong Kong, Singapore & Switzerland, and $35 million of artworks in Switzerland by Claude Monet & Andy Warhol. Jho Low previous deal in 2020 with United States prosecutors include returning $700 million of assets (Beverly Hills Hotel, Real Estate in New York & London). In 2023 June, Malaysian Anti-Corruption Commission (MACC) had been quoted to believe that $6.5 billion 1MDB Mastermind Jho Low & fellow suspects are hiding in Macau (China). One suspect (Kee Kok Thiam) had been arrested (3/5/23) after being deported from Macau (China). In 2023 April, Grammy awards winner “Killing Me Softly” (Fugues, Hip Hop Group) Pras Michel had been found guilty of conspiring with alleged mastermind of $6.5 billion 1MDB scandal Jho Low, receiving $20 million to capture photo with United States President Barrack Obama in 2012 and $70 million to lobby United States to drop investigations of Jho Low. Pras Michel was convicted for violating the Foreign Agents Registration Act (Maximum sentence is 20 years in jail) and providing false statements & witnesses tempering. Pras Michel’s lawyer David Kenner will appeal the verdict (deadline 9th June 2023). Earlier in March 2023, Roger Ng had been sentenced to 10 years jail in the $2.7 billion Malaysia 1MDB bribery & money laundering scheme. More info below.
Malaysia $6.5 Billion Sovereign Wealth Fund 1MDB Scandal: Singapore Court Dismissed Defunct BSI Bank Filing Strike Out 1MDB $301 Million Lawsuit, 1MDB Filed Lawsuit on BSI Bank & Employees for Facilitating Transfer of 1MDB Assets, Switzerland Banking Group EFG International Acquired BSI Bank from Brazil BTG Pactual in 2016
31st August 2024 – A Singapore court has dismissed defunct BSI Bank filing to strike out 1MDB $301 million lawsuit. 1MDB had filed the lawsuit on BSI Bank & employees for facilitating transfer of 1MDB assets. In 2016, Switzerland banking group EFG International acquired BSI Bank from Brazil BTG Pactual. Earlier in 2024 August, The Swiss Federal Criminal Court has sentenced Swiss & Saudi national Tarek Obaid to 7 years in jail and Swiss & British national Patrick Mahony to 6 years in jail for embezzling $1.8 billion from 1MDB, transferring at least $1.8 billion to Saudi oil exploration & production company PetroSaudi from 2009 to 2015. The Switzerland court ordered assets & $240 million in bank accounts in Switzerland & UK to be returned to 1MDB. In 2024 April, Malaysia sovereign wealth fund 1MDB trial started in Switzerland (2/4/24) for 2 individuals in $1.8 billion embezzlement & money-laundering case. The 2 individuals are Swiss & Saudi National Tarek Obaid and Swiss & British National Patrick Mahony, who are accused of transferring at least $1.8 billion to Saudi oil exploration & production company PetroSaudi from 2009 to 2015. In 2024 July, the United States Justice Department is recovering $85 million of assets in forfeiture orders issued to $6.5 billion 1MDB mastermind Jho Low & family, with assets forfeited include diamonds, drawing by Vincent van Gogh, Venetian Sunset painting by Claude Monet & $27.3 million in UBS. Assets forfeiture by ex-1MDB lawyer Jasmine Loo include an artwork by Pablo Picasso & $25,000 in a Switzerland bank account. A total of $1.4 billion had been recovered by the United States Justice Department. In 2024 June, The United States Justice Department (DOJ) has reached a deal with $6.5 billion 1MDB mastermind Jho Low & his family to recover $100 million of assets including a luxury apartment in Paris, $67 million of properties & cash in bank accounts in Hong Kong, Singapore & Switzerland, and $35 million of artworks in Switzerland by Claude Monet & Andy Warhol. Jho Low previous deal in 2020 with United States prosecutors include returning $700 million of assets (Beverly Hills Hotel, Real Estate in New York & London). In 2023 June, Malaysian Anti-Corruption Commission (MACC) had been quoted to believe that $6.5 billion 1MDB Mastermind Jho Low & fellow suspects are hiding in Macau (China). One suspect (Kee Kok Thiam) had been arrested (3/5/23) after being deported from Macau (China). In 2023 April, Grammy awards winner “Killing Me Softly” (Fugues, Hip Hop Group) Pras Michel had been found guilty of conspiring with alleged mastermind of $6.5 billion 1MDB scandal Jho Low, receiving $20 million to capture photo with United States President Barrack Obama in 2012 and $70 million to lobby United States to drop investigations of Jho Low. Pras Michel was convicted for violating the Foreign Agents Registration Act (Maximum sentence is 20 years in jail) and providing false statements & witnesses tempering. Pras Michel’s lawyer David Kenner will appeal the verdict (deadline 9th June 2023). Earlier in March 2023, Roger Ng had been sentenced to 10 years jail in the $2.7 billion Malaysia 1MDB bribery & money laundering scheme. More info below.
Malaysia $6.5 Billion Sovereign Wealth Fund 1MDB Scandal: Swiss Federal Criminal Court Sentenced Swiss & Saudi National Tarek Obaid to 7 Years in Jail and Swiss & British National Patrick Mahony to 6 Years in Jail for Embezzling $1.8 Billion from 1MDB, Transferred at Least $1.8 Billion to Saudi Oil Exploration & Production Company PetroSaudi from 2009 to 2015, Switzerland Court Ordered Assets & $240 Million in Bank Accounts in Switzerland & UK to be Returned to 1MDB
30th August 2024 – Malaysia $6.5 Billion Sovereign Wealth Fund 1MDB Scandal – The Swiss Federal Criminal Court has sentenced Swiss & Saudi national Tarek Obaid to 7 years in jail and Swiss & British national Patrick Mahony to 6 years in jail for embezzling $1.8 billion from 1MDB, transferring at least $1.8 billion to Saudi oil exploration & production company PetroSaudi from 2009 to 2015. The Switzerland court ordered assets & $240 million in bank accounts in Switzerland & UK to be returned to 1MDB. In 2024 April, Malaysia sovereign wealth fund 1MDB trial started in Switzerland (2/4/24) for 2 individuals in $1.8 billion embezzlement & money-laundering case. The 2 individuals are Swiss & Saudi National Tarek Obaid and Swiss & British National Patrick Mahony, who are accused of transferring at least $1.8 billion to Saudi oil exploration & production company PetroSaudi from 2009 to 2015. In 2024 July, the United States Justice Department is recovering $85 million of assets in forfeiture orders issued to $6.5 billion 1MDB mastermind Jho Low & family, with assets forfeited include diamonds, drawing by Vincent van Gogh, Venetian Sunset painting by Claude Monet & $27.3 million in UBS. Assets forfeiture by ex-1MDB lawyer Jasmine Loo include an artwork by Pablo Picasso & $25,000 in a Switzerland bank account. A total of $1.4 billion had been recovered by the United States Justice Department. In 2024 June, The United States Justice Department (DOJ) has reached a deal with $6.5 billion 1MDB mastermind Jho Low & his family to recover $100 million of assets including a luxury apartment in Paris, $67 million of properties & cash in bank accounts in Hong Kong, Singapore & Switzerland, and $35 million of artworks in Switzerland by Claude Monet & Andy Warhol. Jho Low previous deal in 2020 with United States prosecutors include returning $700 million of assets (Beverly Hills Hotel, Real Estate in New York & London). In 2023 June, Malaysian Anti-Corruption Commission (MACC) had been quoted to believe that $6.5 billion 1MDB Mastermind Jho Low & fellow suspects are hiding in Macau (China). One suspect (Kee Kok Thiam) had been arrested (3/5/23) after being deported from Macau (China). In 2023 April, Grammy awards winner “Killing Me Softly” (Fugues, Hip Hop Group) Pras Michel had been found guilty of conspiring with alleged mastermind of $6.5 billion 1MDB scandal Jho Low, receiving $20 million to capture photo with United States President Barrack Obama in 2012 and $70 million to lobby United States to drop investigations of Jho Low. Pras Michel was convicted for violating the Foreign Agents Registration Act (Maximum sentence is 20 years in jail) and providing false statements & witnesses tempering. Pras Michel’s lawyer David Kenner will appeal the verdict (deadline 9th June 2023). Earlier in March 2023, Roger Ng had been sentenced to 10 years jail in the $2.7 billion Malaysia 1MDB bribery & money laundering scheme. More info below.
United States Justice Department to Recover $85 Million of Assets in Forfeiture Orders Issued to $6.5 Billion 1MDB Mastermind Jho Low & Family, Assets Include Diamonds, Drawing by Vincent van Gogh, Venetian Sunset Painting by Claude Monet & $27.3 Million in UBS, Assets Forfeiture by ex-1MDB Lawyer Jasmine Loo Include Artwork by Pablo Picasso & $25,000 in a Switzerland Bank Account, Total of $1.4 Billion Recovered by United States Justice Department
26th July 2024 – The United States Justice Department is recovering $85 million of assets in forfeiture orders issued to $6.5 billion 1MDB mastermind Jho Low & family, with assets forfeited include diamonds, drawing by Vincent van Gogh, Venetian Sunset painting by Claude Monet & $27.3 million in UBS. Assets forfeiture by ex-1MDB lawyer Jasmine Loo include an artwork by Pablo Picasso & $25,000 in a Switzerland bank account. A total of $1.4 billion had been recovered by the United States Justice Department. In 2024 June, The United States Justice Department (DOJ) has reached a deal with $6.5 billion 1MDB mastermind Jho Low & his family to recover $100 million of assets including a luxury apartment in Paris, $67 million of properties & cash in bank accounts in Hong Kong, Singapore & Switzerland, and $35 million of artworks in Switzerland by Claude Monet & Andy Warhol. Jho Low previous deal in 2020 with United States prosecutors include returning $700 million of assets (Beverly Hills Hotel, Real Estate in New York & London). In 2023 June, Malaysian Anti-Corruption Commission (MACC) had been quoted to believe that $6.5 billion 1MDB Mastermind Jho Low & fellow suspects are hiding in Macau (China). One suspect (Kee Kok Thiam) had been arrested (3/5/23) after being deported from Macau (China). In 2023 April, Grammy awards winner “Killing Me Softly” (Fugues, Hip Hop Group) Pras Michel had been found guilty of conspiring with alleged mastermind of $6.5 billion 1MDB scandal Jho Low, receiving $20 million to capture photo with United States President Barrack Obama in 2012 and $70 million to lobby United States to drop investigations of Jho Low. Pras Michel was convicted for violating the Foreign Agents Registration Act (Maximum sentence is 20 years in jail) and providing false statements & witnesses tempering. Pras Michel’s lawyer David Kenner will appeal the verdict (deadline 9th June 2023). Earlier in March 2023, Roger Ng had been sentenced to 10 years jail in the $2.7 billion Malaysia 1MDB bribery & money laundering scheme. More info below.
United States Justice Department Reached Deal with $6.5 Billion 1MDB Mastermind Jho Low & His Family to Recover $100 Million of Assets Including Luxury Apartment in Paris, $67 Million of Properties & Cash in Bank Accounts in Hong Kong, Singapore & Switzerland, and $35 Million of Artworks in Switzerland by Claude Monet & Andy Warhol, Jho Low Previous Deal in 2020 with United States Prosecutors Include Returning $700 Million of Assets (Beverly Hills Hotel, Real Estate in New York & London)
28th June 2024 – The United States Justice Department (DOJ) has reached a deal with $6.5 billion 1MDB mastermind Jho Low & his family to recover $100 million of assets including a luxury apartment in Paris, $67 million of properties & cash in bank accounts in Hong Kong, Singapore & Switzerland, and $35 million of artworks in Switzerland by Claude Monet & Andy Warhol. Jho Low previous deal in 2020 with United States prosecutors include returning $700 million of assets (Beverly Hills Hotel, Real Estate in New York & London). See below for full statement by United States Justice Department (DOJ). In 2023 June, Malaysian Anti-Corruption Commission (MACC) had been quoted to believe that $6.5 billion 1MDB Mastermind Jho Low & fellow suspects are hiding in Macau (China). One suspect (Kee Kok Thiam) had been arrested (3/5/23) after being deported from Macau (China). In 2023 April, Grammy awards winner “Killing Me Softly” (Fugues, Hip Hop Group) Pras Michel had been found guilty of conspiring with alleged mastermind of $6.5 billion 1MDB scandal Jho Low, receiving $20 million to capture photo with United States President Barrack Obama in 2012 and $70 million to lobby United States to drop investigations of Jho Low. Pras Michel was convicted for violating the Foreign Agents Registration Act (Maximum sentence is 20 years in jail) and providing false statements & witnesses tempering. Pras Michel’s lawyer David Kenner will appeal the verdict (deadline 9th June 2023). Earlier in March 2023, Roger Ng had been sentenced to 10 years jail in the $2.7 billion Malaysia 1MDB bribery & money laundering scheme. More info below.
United States Justice Department (26/6/24): The Justice Department announced today that it has reached an agreement with Low Taek Jho, also known as Jho Low, members of his family, and trust entities Low established (collectively, the Low Parties) that resolves two civil forfeiture cases. The department previously brought the cases against assets that it alleges were acquired by Low and his family using funds allegedly embezzled from 1Malaysia Development Berhad (1MDB), Malaysia’s sovereign investment development fund. The Low Parties have also agreed to cooperate in the transfer to Malaysia of certain other assets located in Hong Kong, Switzerland, and Singapore that are linked to 1MDB funds. Under the agreement, the department will coordinate with foreign partners to facilitate the liquidation and return of these assets to Malaysia.
- According to the civil forfeiture complaints, from 2009 through 2015, more than $4.5 billion in funds belonging to 1MDB were allegedly misappropriated by high-level officials of 1MDB and their associates, including Low, through a criminal conspiracy involving international money laundering and bribery. 1MDB was created by the government of Malaysia to promote economic development in Malaysia through global partnerships and foreign direct investment. Its funds were intended to be used to improve the well-being of the Malaysian people.
- The agreement resolves the civil forfeiture action against a luxury apartment in Paris and artwork located in Switzerland by artists Andy Warhol and Claude Monet, which Low purchased for approximately $35 million in total. In addition, parties agreed to return to Malaysia real property and cash in bank accounts valued at approximately $67 million located in Hong Kong, Switzerland, and Singapore. The United States will release a total of $3.5 million to the trust entities to pay for legal fees and costs associated with the properties. Under the agreement, none of these fees may be returned to Low or his family members.
- Prior to this settlement, in total, the United States has returned or assisted in the return to Malaysia of over $1.4 billion in assets associated with the international money laundering, embezzlement, and bribery scheme.
- Low separately faces charges in the Eastern District of New York for allegedly conspiring to launder billions of dollars embezzled from 1MDB and for conspiring to violate the Foreign Corrupt Practices Act by allegedly paying bribes to various Malaysian and Emirati officials, and in the District of Columbia for allegedly conspiring to make and conceal foreign and conduit campaign contributions during the United States presidential election in 2012. This agreement does not release any entity or individual from filed or potential criminal charges.
- The IRS Criminal Investigation (IRS CI) and FBI’s International Corruption Squads in New York City and Los Angeles are investigating the case.
- Trial attorneys Barbara Levy, Sean Fern, Jonathan Baum, and Joshua Sohn of the Criminal Division’s Money Laundering and Asset Recovery Section (MLARS) and Assistant U.S. Attorney Jonathan Galatzan for the Central District of California are prosecuting the case, with significant assistance from the Justice Department’s Office of International Affairs and MLARS’ Program Management Staff.
- The Justice Department also appreciates the significant assistance provided over the course of this investigation by the Attorney General’s Chambers of Malaysia, the Royal Malaysia Police, the Malaysian Anti-Corruption Commission, the Attorney-General’s Chambers of Singapore, the Singapore Police Force-Commercial Affairs Department, the Office of the Attorney General and the Federal Office of Justice of Switzerland, and French authorities.
- The Kleptocracy Asset Recovery Initiative is led by a team of dedicated prosecutors in MLARS, in partnership with federal law enforcement agencies, and often with U.S. Attorneys’ Offices, to forfeit the proceeds of foreign official corruption.
- CI is the criminal investigative arm of the IRS, responsible for conducting financial crime investigations, including tax fraud, narcotics trafficking, money-laundering, public corruption, healthcare fraud, identity theft and more. CI special agents are the only federal law enforcement agents with investigative jurisdiction over violations of the Internal Revenue Code, obtaining a more than a 90 percent federal conviction rate. The agency has 20 field offices located across the U.S. and 12 attaché posts abroad.
United States Justice Department Transferred $156 Million of Misappropriated Malaysia Sovereign Wealth Fund 1MDB Funds to Malaysia Government, $1.4 Billion of Funds Returned to Malaysia, Alleged Mastermind Jho Low & Associates Misappropriated More than $4.5 Billion from Malaysia 1MDB
19th June 2024 – The United States Justice Department has transferred $156 million of misappropriated Malaysia sovereign wealth fund 1MDB funds to the Malaysia Government, bringing a total of $1.4 billion funds returned to Malaysia. The alleged mastermind Jho Low & his associates had misappropriated more than $4.5 billion from Malaysia 1MDB. United States Department of Justice (13/6/24): “The Justice Department announced today that it has repatriated an additional $156 million in misappropriated 1Malaysia Development Berhad (1MDB) funds to the people of Malaysia, bringing the total returned by the department to approximately $1.4 billion. According to court documents, the funds from 1MDB, formerly Malaysia’s investment development fund, were laundered through major financial institutions worldwide, including in the United States, Switzerland, Singapore, and Luxembourg. As alleged in the civil forfeiture complaints, from 2009 through 2015, high-level officials of 1MDB, their associates, and Low Taek Jho, also known as Jho Low, misappropriated more than $4.5 billion in funds belonging to 1MDB through a criminal scheme involving international money laundering and embezzlement. Some of the embezzlement proceeds were also allegedly used to pay bribes. Beginning in 2016, a landmark effort encompassing 41 civil forfeiture actions filed in the U.S. District Court for the Central District of California and one in the U.S. District Court for the District of Columbia by the Money Laundering and Asset Recovery Section (MLARS) of the Justice Department’s Criminal Division led to the seizure of over $1.7 billion in stolen assets. This is the largest recovery to date under the department’s Kleptocracy Asset Recovery Initiative. The funds include both funds finally forfeited and funds the department assisted in recovering and returning. The department continues to litigate actions against additional assets allegedly linked to this scheme. 1MDB was created by the government of Malaysia to promote economic development in Malaysia through global partnerships and foreign direct investment. Its funds were intended to be used for improving the well-being of the Malaysian people. Instead, funds held by 1MDB and proceeds of bonds issued for and on behalf of 1MDB were misappropriated and spent on a wide variety of extravagant items, including luxury homes and properties in Beverly Hills, New York, and London; a 300-foot superyacht; and fine art by Monet and Van Gogh. The funds were also sent into numerous business investments, including a boutique hotel in Beverly Hills, a movie production company that made “The Wolf of Wall Street,” the redevelopment of the Park Lane Hotel in Manhattan, and shares in EMI, the largest private music rights holder. As alleged, other funds were provided to various public officials and co-conspirators.” In May 2024, Malaysia sovereign wealth fund 1MDB filed a lawsuit (7/5/24) in Malaysia against PetroSaudi Chief Investment Officer, Swiss & British national Patrick Mahony and UK law firm White & Case LLP for transferring at least $1.8 billion to Saudi oil exploration & production company PetroSaudi from 2009 to 2015. More info below
United States Department of Justice (13/6/24): The Justice Department announced today that it has repatriated an additional $156 million in misappropriated 1Malaysia Development Berhad (1MDB) funds to the people of Malaysia, bringing the total returned by the department to approximately $1.4 billion. According to court documents, the funds from 1MDB, formerly Malaysia’s investment development fund, were laundered through major financial institutions worldwide, including in the United States, Switzerland, Singapore, and Luxembourg. As alleged in the civil forfeiture complaints, from 2009 through 2015, high-level officials of 1MDB, their associates, and Low Taek Jho, also known as Jho Low, misappropriated more than $4.5 billion in funds belonging to 1MDB through a criminal scheme involving international money laundering and embezzlement. Some of the embezzlement proceeds were also allegedly used to pay bribes.
Beginning in 2016, a landmark effort encompassing 41 civil forfeiture actions filed in the U.S. District Court for the Central District of California and one in the U.S. District Court for the District of Columbia by the Money Laundering and Asset Recovery Section (MLARS) of the Justice Department’s Criminal Division led to the seizure of over $1.7 billion in stolen assets. This is the largest recovery to date under the department’s Kleptocracy Asset Recovery Initiative. The funds include both funds finally forfeited and funds the department assisted in recovering and returning. The department continues to litigate actions against additional assets allegedly linked to this scheme.
1MDB was created by the government of Malaysia to promote economic development in Malaysia through global partnerships and foreign direct investment. Its funds were intended to be used for improving the well-being of the Malaysian people. Instead, funds held by 1MDB and proceeds of bonds issued for and on behalf of 1MDB were misappropriated and spent on a wide variety of extravagant items, including luxury homes and properties in Beverly Hills, New York, and London; a 300-foot superyacht; and fine art by Monet and Van Gogh. The funds were also sent into numerous business investments, including a boutique hotel in Beverly Hills, a movie production company that made “The Wolf of Wall Street,” the redevelopment of the Park Lane Hotel in Manhattan, and shares in EMI, the largest private music rights holder. As alleged, other funds were provided to various public officials and co-conspirators.
- Principal Deputy Assistant Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division; Assistant Director Michael D. Nordwall of the FBI’s Criminal Investigative Division; and Chief Guy Ficco of the IRS Criminal Investigation (IRS-CI) made the announcement. The FBI’s International Corruption Squads in New York and Los Angeles and IRS-CI are leading the investigation. MLARS Trial Attorneys Barbara Levy, Josh Sohn, Jonathon Baum, and Sean Fern are prosecuting the case, with assistance from former MLARS Deputy Chief Woo S. Lee; Trial Attorney Kyle Freeny; and former Asset Forfeiture Section Chief Steven Welk, Asset Forfeiture Section Chief Jonathan Galatzan, and former Assistant U.S. Attorneys John Kucera and Michael Sew Hoy for the Central District of California. The Justice Department’s Office of International Affairs is providing substantial assistance. MLARS’ Program Operations Unit and the U.S. Marshals Service also provided significant support.
- Significant assistance has also been provided to the department over the course of its work in the investigations and civil and criminal litigation by the Attorney General’s Chambers of Malaysia, the Royal Malaysia Police, the Malaysian Anti-Corruption Commission, the United Kingdom Financial Conduct Authority, the United Kingdom Prudential Regulation Authority, the United Kingdom National Crime Agency (NCA), the Attorney General’s Chambers of the Territory of the British Virgin Islands, the Attorney General’s Office of the Bailiwick of Guernsey and the Guernsey Economic Crime Division, the International Anti-Corruption Coordinate Centre, the Attorney General’s Chambers of Singapore, the Singapore Police Force–Commercial Affairs Division, the Office of the Attorney General and the Federal Office of Justice of Switzerland, the judicial investigating authority of the Grand Duchy of Luxembourg, the Criminal Investigation Department of the Grand-Ducal Police of Luxembourg, and Indonesian, Latvian and French authorities.
- The Kleptocracy Asset Recovery Initiative is led by a team of dedicated MLARS prosecutors in partnership with federal law enforcement agencies, and often with U.S. Attorney’s Offices, to forfeit the proceeds of foreign official corruption and, where appropriate, to seize, forfeit, and repatriate those recovered assets to benefit the people harmed by these acts of corruption and abuse of office. Individuals with information about possible proceeds of foreign corruption located in or laundered through the United States should email [email protected] or submit information at https://tips.fbi.gov/.
Malaysia Sovereign Wealth Fund 1MDB Files Lawsuit in Malaysia Against PetroSaudi Chief Investment Officer, Swiss & British National Patrick Mahony and UK Law Firm White & Case LLP for Transferring at Least $1.8 Billion to Saudi Oil Exploration & Production Company PetroSaudi from 2009 to 2015, Trial Started in Switzerland for 2 Individuals in $1.8 Billion Embezzlement & Money-Laundering Case, Swiss & Saudi National Tarek Obaid & Swiss & British National Patrick Mahony Transferred at Least $1.8 Billion to Saudi Oil Exploration & Production Company PetroSaudi from 2009 to 2015
29th May 2024 – Malaysia sovereign wealth fund 1MDB has filed a lawsuit (7/5/24) in Malaysia against PetroSaudi Chief Investment Officer, Swiss & British national Patrick Mahony and UK law firm White & Case LLP for transferring at least $1.8 billion to Saudi oil exploration & production company PetroSaudi from 2009 to 2015. In April 2024, Malaysia sovereign wealth fund 1MDB trial had started in Switzerland (2/4/24) for 2 individuals in $1.8 billion embezzlement & money-laundering case. The 2 individuals are Swiss & Saudi National Tarek Obaid and Swiss & British National Patrick Mahony, who are accused of transferring at least $1.8 billion to Saudi oil exploration & production company PetroSaudi from 2009 to 2015. Earlier in February 2024, former Malaysia Prime Minister Najib Razak 12-year jail sentence had been reduced to 6 years by the former Malaysia King, alongside a reduction of the $44 million fine. In March 2023, a Malaysia court had acquitted former Malaysia Prime Minister Najib Razak of tampering 1MDB audit report charges in 2016, who is currently serving a 12-year jail sentence for $6.5 billion 1MDB corruption scandal with alleged mastermind Jho Low still missing. 1MDB President & CEO Arul Kanda was also acquitted of the charges (3/3/23). In 2022 September, Former Malaysia Prime Minister Najib Razak’s wife Rosmah Mansor had been sentenced to 10 years jail and fined $216 million (RM 970 million) for bribery & corruption, with former Malaysia Prime Minister Najib separately beginning his 12 years jail for the $6.5 billion 1MDB fund guilty verdict. Datin Sri Hajah Rosmah binti Mansor was found guilty for corruption for RM 1.25 billion solar energy project in Sarawak (Malaysia), soliciting RM 187.5 million from former Jepak Holdings Managing Director Saidi Abang Samsudin. The Malaysian court has granted Rosmah Mansor request to suspend the jail sentence & fine pending appeal to the Malaysia Court of Appeal. If Rosmah Mansor is unable to pay the $216 million (RM 970 million) fine, she will have to serve another 10 years in jail, after completing her 10 years jail-term. In 2024 May, former Malaysia Prime Minister Najib Razak’s wife Rosmah Mansor received a lawsuit to pay $346 million for misappropriating 1MDB funds to buy luxury goods in around 320 payments including for jewelleries, watches & handbags. In 2022, Datin Sri Hajah Rosmah binti Mansor had been sentenced to 10 years jail and fined $216 million (RM 970 million) for bribery & corruption, with former Malaysia Prime Minister Najib separately beginning his 12 years jail for the $6.5 billion 1MDB fund guilty verdict. More info below.
Ex-Malaysia Prime Minister Najib Razak’s Wife Rosmah Mansor Receives Lawsuit to Pay $346 Million for Misappropriating 1MDB Funds to Buy Luxury Goods in 320 Payments Including for Jewelleries, Watches & Handbags, Shabnam Naraindas Daswani Who Allegedly Bought the Luxury Goods Named as 2nd Defendant, Rosmah Mansor Sentenced & Fined $216 Million for Bribery & Corruption to 10 Years Jail in 2022
17th May 2024 – Former Malaysia Prime Minister Najib Razak’s wife Rosmah Mansor has received a lawsuit to pay $346 million for misappropriating 1MDB funds to buy luxury goods in around 320 payments including for jewelleries, watches & handbags. In 2022, Datin Sri Hajah Rosmah binti Mansor had been sentenced to 10 years jail and fined $216 million (RM 970 million) for bribery & corruption, with former Malaysia Prime Minister Najib separately beginning his 12 years jail for the $6.5 billion 1MDB fund guilty verdict. Datin Sri Hajah Rosmah binti Mansor was found guilty for corruption for RM 1.25 billion solar energy project in Sarawak (Malaysia), soliciting RM 187.5 million from former Jepak Holdings Managing Director Saidi Abang Samsudin. The Malaysian court has granted Rosmah Mansor request to suspend the jail sentence & fine pending appeal to the Malaysia Court of Appeal. If Rosmah Mansor is unable to pay the $216 million (RM 970 million) fine, she will have to serve another 10 years in jail, after completing her 10 years jail-term. Earlier in May 2024, A United States court has ended Malaysia sovereign wealth fund 1MDB bribery criminal case against Goldman Sachs after paying $2.9 billion in fines & completing the 3-year deferred prosecution agreement in 2023 October. Goldman Sachs had received $600 million in fees representing 9% of the $6.5 billion raised in 3 bond sales for Malaysia 1MDB in 2012 & 2013. The deal was led by the then-Goldman Sachs Southeast Asia Chairman Tim Leissner, who received $73.4 million, Goldman Sachs Roger Ng receiving $35.1 million, ex-Malaysia Prime Minister Najib Razak receiving $756 million & Jho Low receiving $1.42 billion. In April 2024, Malaysia sovereign wealth fund 1MDB trial started in Switzerland (2/4/24) for 2 individuals in $1.8 billion embezzlement & money-laundering case. The 2 individuals are Swiss & Saudi National Tarek Obaid and Swiss & British National Patrick Mahony, who are accused of transferring at least $1.8 billion to Saudi oil exploration & production company PetroSaudi from 2009 to 2015. Earlier in February 2024, former Malaysia Prime Minister Najib Razak 12-year jail sentence had been reduced to 6 years by the former Malaysia King, alongside a reduction of the $44 million fine.
United States Court Ends Malaysia 1MDB Bribery Criminal Case Against Goldman Sachs after Paying $2.9 Billion in Fines & Completing 3-Year Deferred Prosecution Agreement in 2023 October, Goldman Sachs Received $600 Million in Fees Representing 9% of $6.5 Billion Raised in 3 Bond Sales for Malaysia 1MDB in 2012 & 2013, Led by Goldman Sachs Southeast Asia Chairman Tim Leissner Who Received $73.4 Million, Goldman Sachs Roger Ng Received $35.1 Million, ex-Malaysia Prime Minister Najib Razak Received $756 Million & Jho Low Received $1.42 Billion
8th May 2024 – A United States court has ended Malaysia sovereign wealth fund 1MDB bribery criminal case against Goldman Sachs after paying $2.9 billion in fines & completing the 3-year deferred prosecution agreement in 2023 October. Goldman Sachs had received $600 million in fees representing 9% of the $6.5 billion raised in 3 bond sales for Malaysia 1MDB in 2012 & 2013. The deal was led by the then-Goldman Sachs Southeast Asia Chairman Tim Leissner, who received $73.4 million, Goldman Sachs Roger Ng receiving $35.1 million, ex-Malaysia Prime Minister Najib Razak receiving $756 million & Jho Low receiving $1.42 billion. In April 2024, Malaysia sovereign wealth fund 1MDB trial started in Switzerland (2/4/24) for 2 individuals in $1.8 billion embezzlement & money-laundering case. The 2 individuals are Swiss & Saudi National Tarek Obaid and Swiss & British National Patrick Mahony, who are accused of transferring at least $1.8 billion to Saudi oil exploration & production company PetroSaudi from 2009 to 2015. Earlier in February 2024, former Malaysia Prime Minister Najib Razak 12-year jail sentence had been reduced to 6 years by the former Malaysia King, alongside a reduction of the $44 million fine. In March 2023, a Malaysia court had acquitted former Malaysia Prime Minister Najib Razak of tampering 1MDB audit report charges in 2016, who is currently serving a 12-year jail sentence for $6.5 billion 1MDB corruption scandal with alleged mastermind Jho Low still missing. 1MDB President & CEO Arul Kanda was also acquitted of the charges (3/3/23). In 2022 September, Former Malaysia Prime Minister Najib Razak’s wife Rosmah Mansor had been sentenced to 10 years jail and fined $216 million (RM 970 million) for bribery & corruption, with former Malaysia Prime Minister Najib separately beginning his 12 years jail for the $6.5 billion 1MDB fund guilty verdict. Datin Sri Hajah Rosmah binti Mansor was found guilty for corruption for RM 1.25 billion solar energy project in Sarawak (Malaysia), soliciting RM 187.5 million from former Jepak Holdings Managing Director Saidi Abang Samsudin. The Malaysian court has granted Rosmah Mansor request to suspend the jail sentence & fine pending appeal to the Malaysia Court of Appeal. If Rosmah Mansor is unable to pay the $216 million (RM 970 million) fine, she will have to serve another 10 years in jail, after completing her 10 years jail-term. More info below.
Malaysia Sovereign Wealth Fund 1MDB Trial Starts in Switzerland for 2 Individuals in $1.8 Billion Embezzlement & Money-Laundering Case, Swiss & Saudi National Tarek Obaid & Swiss & British National Patrick Mahony Transferred at Least $1.8 Billion to Saudi Oil Exploration & Production Company PetroSaudi from 2009 to 2015
4th April 2024 – Malaysia sovereign wealth fund 1MDB trial has started in Switzerland (2/4/24) for 2 individuals in $1.8 billion embezzlement & money-laundering case. The 2 individuals are Swiss & Saudi National Tarek Obaid and Swiss & British National Patrick Mahony, who are accused of transferring at least $1.8 billion to Saudi oil exploration & production company PetroSaudi from 2009 to 2015. Earlier in February 2024, former Malaysia Prime Minister Najib Razak 12-year jail sentence had been reduced to 6 years by the former Malaysia King, alongside a reduction of the $44 million fine. In March 2023, a Malaysia court had acquitted former Malaysia Prime Minister Najib Razak of tampering 1MDB audit report charges in 2016, who is currently serving a 12-year jail sentence for $6.5 billion 1MDB corruption scandal with alleged mastermind Jho Low still missing. 1MDB President & CEO Arul Kanda was also acquitted of the charges (3/3/23). In 2022 September, Former Malaysia Prime Minister Najib Razak’s wife Rosmah Mansor had been sentenced to 10 years jail and fined $216 million (RM 970 million) for bribery & corruption, with former Malaysia Prime Minister Najib separately beginning his 12 years jail for the $6.5 billion 1MDB fund guilty verdict. Datin Sri Hajah Rosmah binti Mansor was found guilty for corruption for RM 1.25 billion solar energy project in Sarawak (Malaysia), soliciting RM 187.5 million from former Jepak Holdings Managing Director Saidi Abang Samsudin. The Malaysian court has granted Rosmah Mansor request to suspend the jail sentence & fine pending appeal to the Malaysia Court of Appeal. If Rosmah Mansor is unable to pay the $216 million (RM 970 million) fine, she will have to serve another 10 years in jail, after completing her 10 years jail-term. More info below.
Former Malaysia Prime Minister Najib Razak 12-Year Jail Sentence Reduced to 6 Years by Former Malaysia King & a Reduction of $44 Million Fine, Currently Serving 12-Year Jail Sentence for $6.5 Billion 1MDB Corruption Scandal with Alleged Mastermind Jho Low Still Missing
1st February 2024 – Former Malaysia Prime Minister Najib Razak 12-year jail sentence had been reduced to 6 years by the former Malaysia King, alongside a reduction of the $44 million fine. In March 2023, a Malaysia court had acquitted former Malaysia Prime Minister Najib Razak of tampering 1MDB audit report charges in 2016, who is currently serving a 12-year jail sentence for $6.5 billion 1MDB corruption scandal with alleged mastermind Jho Low still missing. 1MDB President & CEO Arul Kanda was also acquitted of the charges (3/3/23). In 2022 September, Former Malaysia Prime Minister Najib Razak’s wife Rosmah Mansor had been sentenced to 10 years jail and fined $216 million (RM 970 million) for bribery & corruption, with former Malaysia Prime Minister Najib separately beginning his 12 years jail for the $6.5 billion 1MDB fund guilty verdict. Datin Sri Hajah Rosmah binti Mansor was found guilty for corruption for RM 1.25 billion solar energy project in Sarawak (Malaysia), soliciting RM 187.5 million from former Jepak Holdings Managing Director Saidi Abang Samsudin. The Malaysian court has granted Rosmah Mansor request to suspend the jail sentence & fine pending appeal to the Malaysia Court of Appeal. If Rosmah Mansor is unable to pay the $216 million (RM 970 million) fine, she will have to serve another 10 years in jail, after completing her 10 years jail-term. More info below.
Malaysia Court Acquits Former Prime Minister Najib Razak of Tampering 1MDB Audit Report Charges in 2016, Currently Serving 12-Year Jail Sentence for $6.5 Billion 1MDB Corruption Scandal with Alleged Mastermind Jho Low Still Missing
4th March 2023 – The Malaysia court has acquitted former Malaysia Prime Minister Najib Razak of tampering 1MDB audit report charges in 2016, who is currently serving a 12-year jail sentence for $6.5 billion 1MDB corruption scandal with alleged mastermind Jho Low still missing. 1MDB President & CEO Arul Kanda was also acquitted of the charges (3/3/23). In 2022 September, Former Malaysia Prime Minister Najib Razak’s wife Rosmah Mansor had been sentenced to 10 years jail and fined $216 million (RM 970 million) for bribery & corruption, with former Malaysia Prime Minister Najib separately beginning his 12 years jail for the $6.5 billion 1MDB fund guilty verdict. Datin Sri Hajah Rosmah binti Mansor was found guilty for corruption for RM 1.25 billion solar energy project in Sarawak (Malaysia), soliciting RM 187.5 million from former Jepak Holdings Managing Director Saidi Abang Samsudin. The Malaysian court has granted Rosmah Mansor request to suspend the jail sentence & fine pending appeal to the Malaysia Court of Appeal. If Rosmah Mansor is unable to pay the $216 million (RM 970 million) fine, she will have to serve another 10 years in jail, after completing her 10 years jail-term. More info below.
Former Malaysia Prime Minister Najib Razak’s Wife Rosmah Mansor Sentenced to 10 Years Jail & Fined $216 Million for Bribery & Corruption, Najib Begins 12 Years Jail for 1MDB Guilty Verdict
2nd September 2022 – Former Malaysia Prime Minister Najib Razak’s wife Rosmah Mansor had been sentenced to 10 years jail and fined $216 million (RM 970 million) for bribery & corruption, with former Malaysia Prime Minister Najib separately beginning his 12 years jail for the $6.5 billion 1MDB fund guilty verdict. Datin Sri Hajah Rosmah binti Mansor was found guilty for corruption for RM 1.25 billion solar energy project in Sarawak (Malaysia), soliciting RM 187.5 million from former Jepak Holdings Managing Director Saidi Abang Samsudin. The Malaysian court has granted Rosmah Mansor request to suspend the jail sentence & fine pending appeal to the Malaysia Court of Appeal. If Rosmah Mansor is unable to pay the $216 million (RM 970 million) fine, she will have to serve another 10 years in jail, after completing her 10 years jail-term.
Former Malaysia Prime Minister Najib Razak Ordered to Begin 12 Years Prison Sentence, Loses Final Appeal Against 2020 Guilty Verdict in $6.5 Billion 1MDB Scandal
Former Malaysia Prime Minister Najib Razak had been ordered to begin his 12 years prison sentence in Malaysia after losing his final appeal against the 2020 guilty verdict (12-years jail & $47 million fine) for involvement in the $6.5 billion 1MDB sovereign wealth fund scandal. Earlier in March 2022 in the United States trial of Malaysia 1MDB, an FBI agent had testified that former Goldman Sachs Southeast Chairman Tim Leissner had received $73.4 million, ex-Malaysia Prime Minister Najib Razak had received $756 million and Jho Low had received $1.42 billion. Of the $6.5 billion raised into 1MDB, more than 10 names had received funding including 2 other individuals Ex-Managing Director of Abu Dhabi International Petroleum Investment Khadem al-Qubaisi receiving $472.8 million and Goldman Sachs Roger Ng receiving $35.1 million. The details were provided by FBI agent Eric Van Dorn (United States Federal Bureau of Investigation). Ex-BSI Banker Kevin Swampillai also testified in a meeting in 2012 with Goldman Sachs Southeast Chairman Tim Leissner, Tim Leissner had communicated to him that it is BSI Bank’s responsibility to conduct the due diligence, instead of him answering questions to the background of business & funds. In April 2022, former Goldmans Sachs banker Roger Ng had been found guilty in the United States 1MDB trial and is facing a maximum of 30 years in jail.
In May 2022, Goldman Sachs officers & directors have reached a $79.5 million settlement from a shareholder lawsuit for poor 1MDB oversight, with the defendant insurer to pay the $79.5 million settlement. The shareholder lawsuit led by Atlanta-based Fulton County Employees’ Retirement System, was to hold form Goldman CEO David Solomon, and former CEO Lloyd Blankfein and others accountable for their oversight of the Malaysia 1MDB $6.5 billion bond sale. The $79.5 million will be used to enhance Goldman Sachs compliance & governance, including giving more power to the Chief Compliance Officer and setting up an anonymous hotline for employee’s whistleblow.
Former Goldman Sachs Roger Ng
Former Goldman Sachs Banker Roger Ng Found Guilty, Faces 30 Years in Jail
In April 2022, former Goldmans Sachs banker Roger Ng had been found guilty in the United States 1MDB trial and is facing a maximum of 30 years in jail. Roger Ng (Age 49) is convicted of United States anti-bribery and money-laundering laws, while Goldman Sachs former Southeast Chairman Tim Leissner had already pleaded guilty, and is a key witness in the trial. In total, Goldman Sachs had paid around $2.9 billion in fines for their role in 1MDB.
FBI Agent on 1MDB: Goldman Sachs Chairman Tim Leissner Took $73.4 Million, Malaysia PM Najib $756 Million & Jho Low $1.42 Billion
Earlier in March in the United States trial of Malaysia 1MDB, an FBI agent had testified that former Goldman Sachs Southeast Chairman Tim Leissner had received $73.4 million, ex-Malaysia Prime Minister Najib Razak had received $756 million and Jho Low had received $1.42 billion. Of the $6.5 billion raised into 1MDB, more than 10 names had received funding including 2 other individuals Ex-Managing Director of Abu Dhabi International Petroleum Investment Khadem al-Qubaisi receiving $472.8 million and Goldman Sachs Roger Ng receiving $35.1 million. The details were provided by FBI agent Eric Van Dorn (United States Federal Bureau of Investigation). Ex-BSI Banker Kevin Swampillai also testified in a meeting in 2012 with Goldman Sachs Southeast Chairman Tim Leissner, Tim Leissner had communicated to him that it is BSI Bank’s responsibility to conduct the due diligence, instead of him answering questions to the background of business & funds.
Former Goldman Sachs Chairman Tim Leissner $41,000 a Month Side Job in 2015 at Top Private Equity TPG Founder David Bonderman Family Office
(March 2022) Former Goldman Sachs Southeast Asia Chairman Tim Leissner has testified that he had a $41,000 a month side job in 2015 at the family office of David Bonderman (founder of top private equity firm TPG), while he is still a partner at Goldman Sachs without disclosing the conflict of interest. The role was at Wildcat Capital Management, which manages the personal fortune of David Bonderman, who is estimated to have a fortune of $4.5 billion today with private equity firm TPG going public in January 2022. In 2016, Tim Leissner left Goldman Sachs. In a statement by Wildcat Capital Management: “Mr. Leissner was never a Wildcat employee. He did serve as a consultant beginning in the summer of 2015 but was immediately terminated when the circumstances around his departure from Goldman Sachs became known.” In the ongoing trial of Malaysia 1MDB, ex-Goldman Sachs Southeast Asia Chairman Timothy Leissner testified that he and ex-Goldman Sachs banker Roger Ng had arranged for ex-Malaysia Prime Minister Najib Razak 3 children to get jobs at Goldman Sachs and used their wives to front $35 million of kickbacks. In the end, Nooryana Najwa Najib, daughter of Najib Razak through the introductions, secured a job at top private equity firm TPG Capital in the analyst program, as a role at Goldman Sachs could be a conflict of interest with the Malaysia government & Goldman Sachs.
Goldman Sachs Southeast Asia Chairman Tim Leissner Arranged Finance Jobs for Malaysia PM Najib Children, Wives Front Business to Receive $35 Million Kickbacks
(February 2022) In the ongoing trial of Malaysia 1MDB, ex-Goldman Sachs Southeast Asia Chairman Timothy Leissner testified that he and ex-Goldman Sachs banker Roger Ng had arranged for ex-Malaysia Prime Minister Najib Razak 3 children to get jobs at Goldman Sachs and used their wives to front $35 million of kickbacks. In the end, Nooryana Najwa Najib, daughter of Najib Razak through the introductions, secured a job at top private equity firm TPG Capital in the analyst program, as a role at Goldman Sachs could be a conflict of interest with the Malaysia government & Goldman Sachs. In another statement by Timothy Leissner, to avoid detection of a $35 million kickback, Timothy Leissner and Roger Ng fabricated a story to disguise the payment with Roger Ng’s wife having invested into Timothy Leissner’s ex-wife businesses in China and the incoming $35 million was a return on the investment. Roger Ng lawyer had defended the payment was a kickback and that their wives were in a genuine business relationship.
Ex-Goldman Sachs Banker Roger Ng Receives $35 Million in 1MDB Kickbacks from Southeast Asia Chairman Timothy Leissner
United States prosecutors had presented in federal court opening trial on 14th February 2022 that ex-Goldman Sachs banker Roger Ng had received $35 million in kickbacks from his then-boss Goldman Sachs Southeast Asia Chairman Timothy Leissner and alleged mastermind Jho Low for his role in the 1MDB Malaysia Sovereign Wealth Fund Scandal. The defence by Roger Ng’s lawyer was the money belongs to his wife from a business venture with the ex-wife of Timothy Leissner. The defence also described the $4.5 billion from 1MDB Malaysia state investment fund as “perhaps the single largest heist in the history of the world” but Roger had been made a scapegoat for failures at Goldman Sachs that enabled the fraud. In 2010, the defendant Roger Ng had warned superiors that Jho Low was a politically exposed person, and Goldman Sachs needs to exercise caution when dealing with Jho Low.
Malaysia 1MDB
Founded in 2009 shortly after Najib Razak became Malaysia’s Prime Minister, 1MDB (1Malaysia Development Bhd) was set up as a sovereign investment fund to finance infrastructure projects and related economic projects to spur economic growth in Malaysia.
It became a political and financial scandal as the key businessman Jho Low who is believed to have masterminded the plan, had diverted the 1MDB funds to fund his personal and associates’ lifestyle, including making the Hollywood movie: Wolf of Wall Street, buying a $250 million yacht (Equanimity) and $35 million Bombardier private jet, giving lavish gifts to Victoria secret model Miranda Kerr and Hilton hotel heiress Paris Hilton, investing in luxury real estates, paintings and many more.
Goldman Sachs $6.5 billion Bonds Underwriting
In July 2020, Goldman Sachs agreed to pay $3.9 billion to the Government of Malaysia to resolve all 1MDB criminal and regulatory proceedings. The in-principle agreement to pay $3.9 billion to the Government of Malaysia, comprises of $2.5 billion direct payment and a further guarantee of at least $1.4 billion of assets that had been seized by governments worldwide.
With the $3.9 billion settlement, the Government of Malaysia will withdraw all criminal charges and no further charges will be brought against Goldman Sachs, its subsidiaries, or any of their employees, except for former employees Tim Leissner and Roger Ng.
This in-principle agreement settles Malaysia’s probe of Goldman Sachs role in raising $6.5 billion through 3 bond sales for 1MDB between 2012 and 2013. The $6.5 billion bond sales was led by Tim Leissner, who was Goldman Sachs Southeast Asia Chairman. The leading American investment bank received $600 million in fees, representing more than 9% of the transaction. The more than 9% underwriting fee of the $6.5 billion bond sales paid to Goldman Sachs is unusually high in investment banking, with fees generally decreasing as the deal size gets larger.
Malaysia AmBank Group to Pay $700 Million
In March 2021, AMMB Holdings (AmBank Group) agreed to a $700 million (MYR 2.83 billion) global settlement for AmBank Group’s involvement in Malaysia’s sovereign wealth fund 1MDB.
The $700 million (MYR 2.83 billion) settlement amount is in addition to the $13.2 million (MYR 53.7 million) penalty already imposed by Bank Negara Malaysia (BNM) and paid by the AmBank Group.
Former Prime Minister of Malaysia Najib Razak Faces Bankruptcy Notice for $408 Million in Unpaid Taxes
In April 2021, former Prime Minister of Malaysia from 2009 to 2018, was served with a bankruptcy notice for failing to pay $408 million (MYR 1.69 billion) in unpaid taxes.
Najib Razak is currently facing corruption and money laundering charges over suspected theft of billions of dollars from 1MDB.
In a Facebook post on 6th April 2021, Najib Razak commented (In Malay Language) that the bankruptcy notice is an attempt to destroy his political career. If declared bankrupt, he will not be able to have an official role in politics, would lose his seat as a member of parliament and not stand as an election candidate in future elections.
Malaysia Sues JP Morgan, Deutsche and Coutts for $2.93 Billion, Receives $452 Million from United States
In May 2021, the Malaysia Government filed a combined 22 civil suits to recover $23 billion of assets, including $2.93 billion from JP Morgan ($800 million), Deutsche Bank ($1.1 billion) and Coutts ($1.03 billion).
Malaysia’s Ministry of Finance also announced receiving $452 million into Malaysia’s Assets Recovery Trust Account from the United States Department of Justice (DOJ), for funds seized related to the 1Malaysia Development Berhad (1MDB).
1MDB Recovered Funds, $3.97 Billion
In June 2021, the Malaysia Government has received $80 million of 1MDB seized funds from Deloitte PLT, with a total of $3.97 billion (MYR 16.386 billion) seized and repatriated 1MDB funds received to-date.
The recovered funds deposited into Malaysia’s Assets Recovery Trust Account under the custody of the Accountant General’s Department of Malaysia, will be used to repay and service 1MDB and SRC’s remaining debts. The total of $3.97 billion (MYR 16.386 billion) seized and repatriated 1MDB funds to-date, excludes the $700 million (MYR 2.83 billion).
[To date, the Government has repaid RM12.54 billion of 1MDB’s debt and RM3.1 billion of SRC’s debt. The balance of debt still outstanding, comprising the principal and coupon/ profit/ interest of bonds, Sukuk and term loans, currently total RM39.66 billion (1MDB) and RM2.57 billion (SRC).]
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2024 Investment Day
- March 2024 - Hong Kong
- March 2024 - Singapore
- July 2024 - Hong Kong
- July 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Oct 2024 - Hong Kong
- Nov 2024 - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
