DOJ Settles FCPA-Related Civil Forfeiture Suits With Malaysian Businessman
DOJ struck a deal with Malaysian businessman Low Taek Jho, members of his family and trust entities he established to settle two civil forfeiture cases stemming from the 1Malaysia Development Berhad international embezzlement scheme, DOJ announced.
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The scheme saw over $4.5 billion laundered from 1MDB, Malaysia's former investment development fund, and as part of the scheme, a former Goldman Sachs executive was sentenced to 10 years in prison for violating the Foreign Corrupt Practices Act (see 2303090048). Earlier this month, DOJ repatriated another $156 million in the misappropriated 1MDB funds to Malaysia, bringing the total amount returned to the nation to around $1.4 billion (see 2406140026).
The deal will see DOJ work with foreign partners to liquidate and return various assets the Low parties bought with funds from the scheme, including a "luxury apartment in Paris and artwork located in Switzerland." Other assets include "Malaysia real property and cash in bank accounts valued at approximately $67 million located in Hong Kong, Switzerland, and Singpaore," DOJ said.
Low also faces federal charges in New York and Washington, D.C., for conspiring to launder funds from the scheme, violate the FCPA by bribing Malaysian and Emirati officials, and making and hiding "foreign and conduit campaign contributions" during the 2012 U.S. presidential election, DOJ said.