Malaysian Prime Minister Mahathir Mohamad has vowed to bring back billions of do...
KUALA LUMPUR - Malaysian Prime Minister Mahathir Mohamad has vowed to bring back billions of dollars allegedly stolen from state fund 1Malaysia Development Bhd , co-founded by his predecessor Najib Razak.
The U.S. Department of Justice said $4.5 billion was diverted to offshore bank accounts and shell companies, many of which were linked to Low.The siphoned funds were allegedly used to buy luxury assets and real estate for Low and his associates, including a private jet, a luxury yacht, artwork by Pablo Picasso and Claude Monet, and diamond jewelry, U.S. lawsuits said.
Najib, who lost an election in May 2018, has been hit with 42 criminal charges over losses at 1MDB and other state entities. Malaysia has also charged Low, Low’s associates and former 1MDB officials, while forfeiture lawsuits have been filed to recover funds originating from 1MDB.
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