KUALA LUMPUR - A massive amount of jewellery, handbags and other luxury goods was amassed from 48 vendors in at least 14 locations worldwide using monies totalling US$346 million from 1Malaysia Development Bhd and SRC International, the High Court was told.
The plaintiffs claimed that eight entities, registered offshore, had made 320 purchases of luxury goods with funds amounting to US$346,010,489 between 2010 and 2014.“These payments are traceable to and represent the monies misappropriated from 1MDB and its four subsidiaries and SRC International, that is, the funds misappropriated between 2010 and 2014,” the plaintiffs claimed.
“These entities as well the transactions between them involving the fund, served no legitimate commercial purpose other than to act as a conduit for the onward movement and diversion of the funds to obscure final destinations,” the statement said.The plaintiffs claimed that Rosmah, the wife of jailed former prime minister Najib Razak, had used the funds from the companies to purchase luxury items such as jewellery, watches and handbags.
They claim that Shabnam, who is a fashion designer based in Singapore, had purchased or procured the luxury items on behalf of Rosmah.Malaysia ex-PM Najib's wife Rosmah gives up claim on seized diamond bracelet
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Source: The Straits Times - 🏆 8. / 63 Read more »