PETALING JAYA: The civil suits by the US Department of Justice are seeking to seize US$1bil (RM4.02bil) worth of assets allegedly obtained using funds siphoned from 1Malaysia Development Bhd (1MDB). “1MDB maintained no interest in these assets and saw no returns on these investments,” the suits read. In the 136-page document, US prosecutors led by Attorney-General Loretta Lynch alleged that the individuals had conspired to launder US$3.5bil (RM14.07bil) from 1MDB to fund their lifestyles. Al-Qubaisi and Al-Husseiny were former officials at a sovereign wealth fund in the United Arab Emirates that was involved in deals with 1MDB in that period. Among the allegations in the lawsuits is that US$681mil (RM2.74bil) was transferred to a personal bank account of “Malaysian Official 1”.

Source: The Star July 21, 2016 22:52 UTC