WORLD

US moves to recover 1MDB funds

U.S. authorities have moved to seize a Picasso painting given to American movie star Leonardo dicaprio and the rights to two Hollywood comedies, as they filed complaints to recover about $540 million they say was stolen from the 1Malaysia Development Berhad sovereign wealth fund. The U.S. Justice Department filing was the latest legal action tied to alleged money laundering at the fund set up by Malaysian Prime Minister Najib Razak in 2009 to promote economic development. İn the complaints, the department alleges more than $4.5 billion was taken from 1MDB by high-level fund officials and their associates. 1MDB could not be immediately reached for comment.

06.16.2017
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