Malaysia: The End of Najib
The US government reportedly plans to move and seize more than US$1 billion in assets purchased with money that people close to Najib reportedly “stole” from his brainchild, Malaysian strategic investment fund 1MDB.
The assets are in the form of real estate, art and other luxury goods and the forfeiture complaint is to be issued by the Kleptocracy Asset Recovery Initiative unit, NYT reported.
While Najib was not named, the responsibility remains his.
U.S. Attorney General Loretta Lynch will hold a news conference on Wednesday to discuss a civil forfeiture suit seeking to recover more than $1 billion linked to a conspiracy to launder money misappropriated from a Malaysian sovereign wealth fund.
The U.S. Justice Department said Lynch and other law enforcement officials would hold a news conference at 11:30 a.m. EDT/1530 GMT to announce the filing of civil forfeiture complaints seeking to recover more than $1 billion in assets.
The suit filed on Wednesday says the alleged offenses were committed over a four-year period and involved multiple individuals, including Malaysian officials and their associates, who conspired to fraudulently divert billions of dollars from 1MDB, a Malaysian sovereign wealth fund.