U.S. Agrees 1MDB Recovery Deal With Malaysian Jho Low

Equanimity, the US$250 million luxury yacht that fugitive Malaysian businessman Low Taek Jho allegedly bought with funds embezzled from 1Malaysia Development Berhad (1MDB) on Aug. 8, 2018, in Selangors, Malaysia. (Ore Huiying/Getty Images)

Equanimity, the US$250 million luxury yacht that fugitive Malaysian businessman Low Taek Jho allegedly bought with funds embezzled from 1Malaysia Development Berhad (1MDB) on Aug. 8, 2018, in Selangors, Malaysia. (Ore Huiying/Getty Images)

The U.S. Justice Department on Oct. 31 reached a settlement deal with Malaysian financier Jho Low to recover almost $1 billion in funds the fugitive and his family had misappropriated from Malaysian investment fund 1MDB.

High-level officials of 1Malaysia Development Berhad (1MDB) and associates including Low had siphoned over $4.5 billion belonging to the state-owned wealth fund from 2009 to 2015, the Justice Department said.

Officials in Malaysia and the United Arab Emirates, Wall Street bank Goldman Sachs Group Inc and Deutsche Bank have all been caught up in probes into multi-year conspiracy.

Low faced charges in both United States and MalaysiaRead More – Source