The US government is seeking to recover assets embezzled from 1Malaysia Development Berhad (1MDB) sovereign wealth fund, the Justice Department said in a press release
WASHINGTON (Pakistan Point News / Sputnik - 23rd February, 2019) The US government is seeking to recover assets embezzled from 1Malaysia Development Berhad (1MDB) sovereign wealth fund, the Justice Department said in a press release.
"The Justice Department announced today the filing of civil forfeiture complaints seeking the forfeiture and recovery of approximately $38 million in assets allegedly associated with an international conspiracy to launder funds misappropriated from 1MDB," the release said on Friday.
Overall more than $4.5 billion in funds belonging to 1MDB were allegedly misappropriated by high-level officials and their associates from 2009 through 2015, the Justice Department said.
1MDB was created by the government of Malaysia to promote economic development in the country through foreign direct investment, the release added.
