No posts with label The US Department of Justice (DoJ) has served an arrest warrant on a top London law firm in an effort to seize hundreds of millions of dollars – alleged to be the proceeds of a major international fraud – which it is holding on behalf of a client. The DoJ alleges the money is derived from a complex fraud against the Malaysian state investment fund 1MDB, which embezzled more than $4bn from the fund and laundered money to pay bribes and finance lavish lifestyles of its alleged perpetrators. US and Malaysian authorities are continuing to recover money connected to the fraud, large sums of which were used to fund Hollywood movies and pay for items including a $250m superyacht and paintings by Van Gogh and Monet. According to prosecutors, $700m of the money was used for the “personal gratification of 1MDB conspirators” while $300m was diverted to a joint venture between 1MDB and PetroSaudi, a little-known oil company established by the Saudi businessman Tarek Obaid with a member of the Saudi royal family.. Show all posts
No posts with label The US Department of Justice (DoJ) has served an arrest warrant on a top London law firm in an effort to seize hundreds of millions of dollars – alleged to be the proceeds of a major international fraud – which it is holding on behalf of a client. The DoJ alleges the money is derived from a complex fraud against the Malaysian state investment fund 1MDB, which embezzled more than $4bn from the fund and laundered money to pay bribes and finance lavish lifestyles of its alleged perpetrators. US and Malaysian authorities are continuing to recover money connected to the fraud, large sums of which were used to fund Hollywood movies and pay for items including a $250m superyacht and paintings by Van Gogh and Monet. According to prosecutors, $700m of the money was used for the “personal gratification of 1MDB conspirators” while $300m was diverted to a joint venture between 1MDB and PetroSaudi, a little-known oil company established by the Saudi businessman Tarek Obaid with a member of the Saudi royal family.. Show all posts
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