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Malaysia 1MDB investigation: US seeks to seize $1bn in assets Malaysia 1MDB investigation: US seeks to seize $1bn in assets
(about 5 hours later)
The US Justice Department is looking to seize more than $1bn (£761m) in assets as part of its investigation into Malaysia's state fund 1MDB. The US Justice Department has moved to seize more than $1bn (£761m) from Malaysia's state fund 1MDB.
Lawsuits filed in Los Angeles by the Justice Department allege there was "an international conspiracy to launder funds misappropriated" from 1MDB. The department alleges that the funds were "misappropriated" and though it did not name PM Najib Razak directly, he is identifiable in the suit as someone whose account allegedly received huge sums.
The fund was set up in 2009 to turn Kuala Lumpur into a financial hub. He has in the past denied wrongdoing.
But, the lawsuits say, billions of dollars were instead fraudulently diverted from 1MDB. Mr Najib set up 1MDB in 2009 to turn Kuala Lumpur into a financial hub, but it missed debt payments in 2015.
It says "multiple individuals, including public officials and their associates" were responsible for diverting money between 2009 and 2013. The Justice Department alleges the "misappropriated" funds financed lavish lifestyles of "multiple individuals including public officials".
The stolen funds were used "to fund the co-conspirators' lavish lifestyles, including purchases of artwork and jewelry, the acquisition of luxury real estate, the payment of gambling expenses, and the hiring of musicians and celebrities to attend parties," the court papers say, Reuters reports. There is no allegation that Mr Najib spent any of the money but people close to him are accused of using billions of dollars to buy jewellery, art and luxury properties, pay gambling expenses and hire musicians and celebrities to attend parties.
The lawsuits do not name Prime Minister Najib Razak, who established the fund when he came into office. The court papers, filed in Los Angeles, allege that money was laundered through accounts in the US. If successful the US Justice Department would seize assets, including property in the US, UK and Switzerland.
But, Riza Aziz, his step-son and the producer of Leonardo DiCaprio film The Wolf of Wall Street, is named as a "relevant individual", report media outlets who have seen the court papers. The $1bn would only make up a proportion of the money that was allegedly diverted, which comes to more than $3.5bn (£2.6bn).
Malaysia's 'most investigated' company Mr Najib's stepson, Riza Aziz, is named in the court papers, which were filed in Los Angeles. Mr Riza produced the Leonardo DiCaprio film The Wolf of Wall Street.
1MDB: The case that's riveting Malaysia
A Malaysian financier and two Abu Dhabi government officials are also among those named.A Malaysian financier and two Abu Dhabi government officials are also among those named.
There has been no official reaction from Malaysia on the lawsuits.There has been no official reaction from Malaysia on the lawsuits.
Malaysia's 'most investigated' company
1MDB: The case that's riveting Malaysia
The fund started to attract attention in early 2015 when it missed payments for the $11bn it owed to banks and bondholders.The fund started to attract attention in early 2015 when it missed payments for the $11bn it owed to banks and bondholders.
The Wall Street Journal (WSJ) reported it had seen a paper trail that allegedly traces close to $700m from the troubled fund to Mr Najib's personal bank accounts. The Wall Street Journal (WSJ) reported it had seen a paper trail that allegedly traced close to $700m from the troubled fund to Mr Najib's personal bank accounts.
1MDB said in a statement last year that it has never given money to the prime minister and called the claims "unsubstantiated." It has repeatedly stated that the company has assets worth more than its debts. 1MDB said in a statement last year that it had never given money to the prime minister and called the claims "unsubstantiated." It has repeatedly stated that the company has assets worth more than its debts.
Mr Najib also denied taking money from 1MDB or any public funds, and his lawyers have demanded an explanation from the WSJ on its report. Mr Najib has denied taking money from 1MDB or any public funds, and his lawyers have demanded an explanation from the WSJ on its report.
Full details of the case are expected to be outlined by US Attorney General Loretta Lynch later on Wednesday.