The US Department of Justice has reached a settlement to forfeit $49 million against the assets acquired illegally by Khadem al-Qubaisi from Malaysia’s investment development fund called the 1Malaysia Development Berhad (1MDB). Al-Qubaisi, a high-level 1MDB executive, and his associates engaged in international money-laundering and bribery. The conspirators misappropriated $4.5 billion from the 1MDB and laundered them through financial institutions in the US and other jurisdictions.
The purpose of instituting 1MDB was to engage global investments to promote economic development in Malaysia. Unfortunately, instead of serving this noble purpose, malicious entities used the funds to procure luxury real estate and make business investments.
The funds of over $49 million, will add to the previously forfeited $1 billion linked with the 1MDB money-laundering. This will be the largest recovery yet under the US Kleptocracy Asset Recovery Initiative. It will also be the biggest civil forfeiture concluded by the US Department of Justice yet.
