ASIAN REGULATORY ROUND UP – MALAYSIA FACES US COURT ACTION OVER SOVEREIGN WEALTH FUND ALLEGATIONS
August 1st, 2016
MALAYSIAN Prime Minister Najib Razak has come under renewed pressure over allegations that he personally profited from a sovereign wealth fund, after the US Department of Justice (DoJ) announced it would seek to recover more than USD1 billion in “misappropriated assets”.
US Attorney General Loretta Lynch and senior colleagues said the department’s filing of civil forfeiture complaints was the largest action undertaken under the DoJ’s Kleptocracy Asset Recovery Initiative. The DoJ claims that between 2009 and 2015, more than USD3.5 billion in funds ...
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