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1mdb

All articles tagged with #1mdb

business4 months ago

JPMorgan Agrees to Pay $330 Million to Resolve 1MDB Claims in Malaysia

JPMorgan Chase will pay Malaysia $330 million to settle claims related to its role in the 1MDB scandal, which involved the theft of at least $4.5 billion from the Malaysian state fund. The settlement resolves all current and potential claims without admission of liability, and comes amid Swiss authorities fining JPMorgan for money laundering failures connected to 1MDB. The scandal has implicated high-level officials and financial institutions worldwide, with Malaysia recovering billions in linked funds.

via Reuters|
#1mdb#business#jpmorgan
world7 months ago

Ex-Goldman Banker Sentenced to Two Years in 1MDB Scandal

A former Goldman Sachs banker, Tim Leissner, was sentenced to two years in prison for his role in a $4.5 billion scheme involving the Malaysian 1MDB fund, which led to significant financial theft, lavish spending, and political repercussions in Malaysia. Leissner pleaded guilty to bribery and cooperated with authorities, acknowledging his responsibility and expressing remorse.

via NBC News|
#1mdb#goldman-sachs#malaysia-scandal
world7 months ago

Ex-Goldman Banker Leissner Sentenced to Two Years in 1MDB Scandal

Tim Leissner, a former Goldman Sachs banker involved in the 1MDB scandal, has been sentenced to two years in prison after admitting guilt and cooperating with prosecutors. The scandal, involving billions stolen from Malaysia's sovereign wealth fund, led to multiple convictions including Malaysia's ex-prime minister and other financiers. Leissner expressed remorse and faced significant personal and professional consequences, marking a major milestone in the global investigation into the corruption scheme.

via Financial Times|
#1mdb#corruption#financial-crime
legalfinance2 years ago

Goldman Sachs Takes Legal Action Against Malaysia for 1MDB Settlement

Goldman Sachs has filed a lawsuit against Malaysia over the country's refusal to accept a $2.5 billion settlement in connection with the 1MDB scandal. The investment bank argues that Malaysia's decision to reject the settlement is a breach of an agreement reached last year. Malaysia has accused Goldman Sachs of misleading investors and seeks a higher settlement amount. The lawsuit adds to the legal woes faced by Goldman Sachs in relation to the 1MDB scandal.

via Financial Times|
#1mdb#goldman-sachs#lawsuit
crime2 years ago

Former Goldman Sachs Banker Convicted in 1MDB Scandal Returns to Malaysia to Aid Asset Recovery

Former Goldman Sachs executive Roger Ng Chong Hwa, convicted in the US for his involvement in the multibillion-dollar looting of Malaysia's 1MDB fund, has been brought back to Malaysia to assist in asset recovery efforts. Ng, who denies the charges against him, is under police custody and faces graft charges in Malaysia. The government seeks to review a settlement package with Goldman Sachs, considering it too lenient. The 1MDB scandal led to the downfall of the Malaysian government, with former Prime Minister Najib Razak currently serving a 12-year jail term. Malaysian financier Low Taek Jho, the alleged mastermind, remains a fugitive.

via ABC News|
#1mdb#asset-recovery#corruption
politics2 years ago

Malaysia PM and Anwar consider legal action against Goldman Sachs over 1MDB scandal

Malaysia's Prime Minister Anwar Ibrahim has pledged to recover the money owed to Malaysians from the 1MDB money laundering scandal and has not ruled out the possibility of a lawsuit against Goldman Sachs. Anwar praised Malaysian agencies for recovering 68% of the total sum absconded during the 1MDB debacle but stated that he is not stopping there. Ongoing discussions with Goldman Sachs are described as complex, and Anwar emphasized the need for support from Western countries in regaining the stolen funds. He also addressed the issue of race and affirmed his commitment to upholding Malay rights while refocusing affirmative action policies.

via CNBC|
#1mdb#corruption#goldman-sachs
crime2 years ago

Ex-Fugees Rapper Pras Michel Convicted in Foreign-Influence Scheme Tied to China and 1MDB

Former Fugees rapper Pras Michel has been found guilty of being the central figure in a multimillion-dollar foreign-influence scheme that involved illegal lobbying of the Trump administration and injecting millions of dollars in donations to Barack Obama's re-election campaign in 2012. The scheme spanned two presidencies and combined celebrity with political intrigue.

via The Wall Street Journal|
#1mdb#crime#foreign-influence-scheme
politics2 years ago

Pras Michel, Former Fugees Rapper, Convicted in International Fraud and Political Conspiracy Scheme.

Rapper Pras Michel has been found guilty on all 10 counts related to an international fraud scheme funded by Malaysian financier Jho Low to peddle influence in the United States. Michel was accused of immersing himself in American politics at the behest of Low, who paid him millions to help launder money Low had allegedly embezzled from a state-owned investment fund in his home country. The alleged scheme involved payments to Barack Obama's 2012 presidential reelection campaign and efforts to convince the Trump administration to extradite a Chinese national. Michel plans to appeal the verdict.

via CBS News|
#1mdb#campaign-finance#foreign-influence
crime2 years ago

Leonardo DiCaprio testifies in trial of Fugees rapper Pras Michel.

Leonardo DiCaprio testified in the trial of former Fugees member Pras Michel, who is accused of participating in a global campaign-finance conspiracy funded by Jho Low, a Malaysian businessman who allegedly stole billions of dollars from a Malaysian sovereign wealth fund, 1MDB. DiCaprio testified about his relationship with Low and attending lavish parties with him, as well as Low's offer to fund a movie for him. Prosecutors allege that Low laundered money from 1MDB through a Los Angeles-based movie production company, Red Granite Pictures, which funded DiCaprio's 2013 film "The Wolf of Wall Street."

via CNN|
#1mdb#campaign-finance-conspiracy#crime