: The United States Department of Justice said Wednesday an agreement was reached in the alleged embezzlement of US$4.5 billion from Malaysia’s sovereign investment fund known as 1Malaysia Development Bhd, or 1MDB.
The DOJ said that prior to this agreement, more than US$1.4 billion in assets associated with the scheme was returned to Malaysia, American-based news agency United Press International reported. “Under the agreement, the department will coordinate with foreign partners to facilitate the liquidation and return of these assets to Malaysia.”
Civil forfeiture actions under the agreement include a Paris luxury apartment, as well as art in Switzerland by Andy Warhol and Claude Monet, which Low bought for roughly US$35 million.
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