GUAN ENG & CO DO THE HARD WORK – MUHYIDDIN CATCHES THE CASH! U.S. DOJ RETURNS RM1.3 BILLION OF NAJIB’S ‘STOLEN’ 1MDB FUNDS AS SCHEDULED – ONLY FOR THE HARD-FOUGHT LOOT TO RE-STOLEN AGAIN BY NEW COUP GOVT?

THE US Justice Department announced today it had sent to Malaysia US$300 million (RM1.3 billion) in funds stolen in the 1MDB corruption scandal that had been laundered through the global financial system.

Combined with other funds handed over nearly one year ago, the Justice Department said it has now returned or helped Malaysia recover more than US$1 billion in funds and assets lost in the scam.

“The repatriation of these stolen funds to the citizens of Malaysia is the result of the tireless efforts of prosecutors and federal agents to prevent foreign kleptocrats and their associates from using the United States as a playground where they can enjoy the fruits of their pilfered wealth,” said US Attorney Nick Hanna in a statement.

“The amount of money stolen from the people of Malaysia is staggering, and we have been relentless in recovering assets that always should have been used for their benefit.”

The money was a part of the more than US$4.5 billion that US investigators say was looted from the state-owned investment firm, with alleged help from Malaysian ex-prime minister Najib Razak and his inner circle.

The US says that from 2009 to 2015, high-level officials of 1MDB and a high-flying young businessman named Low Taek Jho, aka Jho Low, siphoned off the billions meant to fund state investments.

Low used a lot of the money to buy luxury homes and top-level art and invest in Hollywood movies, including the Martin Scorsese hit, Wolf of Wall Street.

The Justice Department seized most of Low’s assets and has been liquidating them for return to Malaysia. -– AFP

Finance Ministry: Malaysia received RM2.7b in 1MDB funds from US DoJ so far

Tengku Zafrul conveyed the Putrajaya’s appreciation to the US government and the DoJ for their efforts in recovering these assets. — Picture by Firdaus Latif

KUALA LUMPUR — Malaysia has received US$620 million (RM2.7 billion) to-date from the United States since the 1Malaysia Development Bhd’s asset recovery efforts were initiated in June 2018, Minister of Finance Tengku Datuk Zafrul Tengku Abdul Aziz said today.

Among the funds were US$57 million from the proceeds of the settlement with Red Granite Pictures (credited in March 2019), US$137 million from the sale proceeds of Jho Low’s interest in the Park Lane Hotel (credited in April 2019) and US$126 million from the judicial sale of the luxury yacht, Equanimity, by the Malaysian Admiralty Court (credited into the trust account in December 2019).

The latest tranche of US$300 million, credited in April is made up of monies or assets linked to 1MDB that were recovered and forfeited by, or surrendered to the US Department of Justice (DoJ), he said.

“The recovery of 1MDB-related assets is still ongoing, and the Ministry of Finance will continue to extend its fullest cooperation to all domestic and offshore investigating entities to ensure equally positive outcomes from these efforts in future,” he said in a statement here, today.

Tengku Zafrul conveyed the government’s appreciation to the US Government and the DoJ for their efforts in recovering these assets which rightfully belong to Malaysia.

“On behalf of the Government, I would like to express our gratitude to the US Embassy in Kuala Lumpur, and in particular, Her Excellency Ambassador Kamala Shirin Lakhdhir, with whom the MOF and the Attorney-General Chambers have been in constant contact in recent weeks.”

“The deeply collaborative spirit of negotiations had facilitated the swift repatriation of the monies back to the Malaysian people. We would also like to acknowledge the support extended by our counterparts in various countries in helping Malaysia recover 1MDB- related assets.” — Bernama

PM expresses gratitude to US govt after return of another US$300m in 1MDB funds

KUALA LUMPUR — Malaysia today announced that US$300 million (RM1.3 billion) from 1Malaysia Development Berhad (1MDB) has been returned to the government by the United States of America.Prime Minister Tan Sri Muhyiddin Yassin said the amount represents the funds recovered from asset seizures related to 1MDB under the Kleptocracy Asset Recovery Initiatives of the US Department of Justice (DoJ).

“On 30 October 2019, Malaysian fugitive Jho Low had reached a settlement with the DoJ pertaining to numerous forfeiture claims filed by the DoJ against assets he had purchased using 1MDB monies.

“The US$300 million represents some of those assets which had been forfeited and later sold. It also includes proceeds from 1MDB-linked assets that were given up or forfeited by individuals linked to Jho Low,” he said in a statement today.

 Muhyiddin said that with the most recent tranche of US$300 million, a total of US$620 million of 1MDB monies — in the form of sales proceeds or assets — have been returned to Malaysia.

The Prime Minister said the process to sell Jho Low’s remaining forfeited assets under the DOJ consent forfeiture judgment is ongoing.

“I would like to express my gratitude to the US Government, particularly the US Embassy in Kuala Lumpur, on their excellent assistance and cooperation in facilitating the return of the US$300 million.

“I would also like to commend Malaysia’s Minister of Finance and the Attorney-General for their role in the negotiation process,” he added.

Muhyiddin said efforts to recover 1MDB’s assets are ongoing and the government will continue to work with the US, the DoJ and other Governments to recover and repatriate more 1MDB monies in the future. — Bernama

AFP / BERNAMA