U.S Justice Department Plans to Recover an Estimated $540 million from 1MDB
U.S Justice Department wants to recover an estimated $540 million in assets including art works, jewelry and film rights, which were purchased from misappropriated funds from Malaysia’s 1MDB wealth fund. It is the most recent attempt to seize assets linked to the fund, bringing the total fund sought by the U.S Justice Department to $1.8 billion.
“It is the most recent attempt to seize assets linked to the fund, bringing the total fund sought by the U.S Justice Department to $1.8 billion.”
The items cited in the new lawsuit as subject to seizure include a Park Avenue condominium, diamond jewelry, shares of fitness club operator Fly Wheel Sports Inc., a painting by Pablo Picasso titled “Nature Morte au Crane de Taureau” and rights to the 2014 film “Dumb and Dumber To.” The government also wants to seize a luxury yacht, the Equanimity, valued at more than $260 million.
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