US$49m recovered from ex-IPIC exec's assets allegedly bought with 1MDB funds

The United States has reached a settlement to recover more than US$49 million (RM212 million) involving Malaysian sovereign wealth fund 1MDB, the Department of Justice said.

The DOJ said in a statement dated May 6 it has settled its civil forfeiture cases against assets acquired by former managing director of UAE-based International Petroleum Investment Company (IPIC) Khadem al-Qubaisi (above) using funds allegedly misappropriated from 1MDB.

The funds were allegedly laundered through financial institutions in several jurisdictions, including the United States, Switzerland, Singapore and Luxembourg.

- Reuters