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Producer of Wolf of Wall Street to Pay $60 Million to US Government for Using Malaysia State Funds

Producer of Wolf of Wall Street to Pay $60 Million to US Government for Using Malaysia State Funds

Red Granite Picture, the firm that created “The Wolf of Wall Street” movie in 2013 starring Hollywood actor Leonardo DiCaprio, has agreed to pay $60 million to the United States government to settle a civil lawsuit for using funds that were misappropriated from Malaysia.  The $60 million settlement, is not an admission of wrongdoing or liability on the part of Red Granite, that includes funding 2 other films “Daddy’s Home” and “Dumb and Dumber To.”  Red Granite Picture is co-founded by the Malaysian prime minister Najib Razak’s stepson, Riza Aziz.

” $60 Million to be Paid in 3 Instalments within 1 Year “

The case was brought to the California Court in United States if the 3 films financed by Red Granite was using misappropriated funds from 1Malaysia Development Berhad (1MDB).  1MBD is a state fund founded in 2009 by Malaysian Prime Minister Najib Razak, while Tycoon Low Taek Jho (Jho Low) is alleged to be the mastermind is channelling almost $4.5 billion into his own business interests, including financing Red Granite Picture.

The case is U.S. v. “Wolf of Wall Street,” 16-05362, U.S. District Court, Central District of California (Los Angeles).  Red Granite will pay in 3 instalments within 1 year.

  • $30 million within 30 days
  • $20 million within the next 180 days
  • $10 million within 360 days (after the first 180 days)

Sources: Reuters, Bloomberg

 

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About 1MDB

1MDB leads market-driven initiatives to assist the Government in propelling Malaysia towards becoming a developed nation that is highly competitive, sustainable and inclusive.

As a strategic enabler, 1MDB continues to explore areas that can catalyse new sources of growth and lay the groundwork for a brighter future.

Visit: 1MDB

 


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