In record deal, U.S. to recover $1 billion from Malaysian fugitive Jho Low

NEW YORK/KUALA LUMPUR (Reuters) – The U.S. Justice Department has struck a deal to recoup $1 billion in funds allegedly looted from a Malaysian state investment fund by fugitive financier Jho Low, in a record capture for a U.S. anti-corruption probe.

U.S. authorities say about $4.5 billion were siphoned from 1Malaysia Development Berhad (1MDB), founded in 2009 by then Malaysian prime minister Najib Razak.

Since 2016, the Justice Department, in the biggest ever case in its anti-kleptocracy program, has filed civil lawsuits seeking to seize about $1.7 billion in assets allegedly bought with stolen 1MDB funds.

Low, who called Wednesday’s agreement “historic” in a statement issued on his behalf, faces charges in both the United States and Malaysia over his central role in the scandal.

Source: Reuters

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