1Malaysia Development Berhad (1MDB) scandal in Malaysia
1MDB scandal[edit]
As of September 2015 the US Department of Justice was investigating property transactions carried out by Riza, related to the role of Najib Razak, in 1Malaysia Development Berhad (1MDB) scandal in Malaysia.[12][13] On 20 July 2016, Riza Aziz was named in FBI's 1MDB lawsuit.[14] Tens of millions of dollars in funds diverted from 1MDB were used to produce the 2013 Martin Scorsese film 'The Wolf of Wall Street', the lawsuits said.[15] Later, it was revealed that "Dumb and Dumber To" and "Daddy's Home" were also financed by Malaysian government investment fund through corrupt officials and financiers.[16]
In March 2018, Red Granite Pictures has agreed to pay US$60 million to the U.S. Justice Department to settle claims it financed 3 Oscar-nominated films, "Wolf of Wall Street", "Daddy's Home" and "Dumb and Dumber To" using over US$100 million funds sourced from 1MDB.[17]
Riza is also known as a good friend of Low Taek Jho, who was said to be the mastermind to the 1MDB scandal with money trails linking assets including luxury paintings, a superyacht, and several real estate assets, among others, acquired using monies alleged siphoned from the fund.[18]
Riza’s involvement in 1MDB scandal is under investigation by the Malaysian Anti-Corruption Commission (MACC). In July 2019, Riza was arrested on money laundering charges stemming from the MACC investigation.[19]
Low Taek Jho (born 4 November 1981),[1] often called Jho Low, is a Malaysian fugitive[3] sought by the authorities of Malaysia, Singapore and the US in connection with the 1MDB scandal.[4][5][6] He is the beneficiary of numerous discretionary trust assets said by the US Government to originate from payments out of the Malaysian 1MDB fund. The prosecutors alleged Low to be the mastermind of a scheme to siphon altogether $4.5 billion from 1MDB into his personal accounts.[7][8][9][10][11]
Jho Low has been associated with numerous high value transactions, including acquisitions of businesses, luxury real estate and art, as well as philanthropy.[12] Jho Low is believed to be in China where he travels extensively through major cities secretly. He has managed to travel freely despite the Malaysian police having submitted an Interpol red alert, citing that these actions are politically motivated.[13][14][15]
Low, who has publicly stated that he will not submit to any jurisdiction where guilt has been predetermined by politics and where there is no independent legal process, has maintained his innocence throughout the 1MDB scandal, and contends that Malaysian authorities are engaging in an active campaign of harassment and political persecution due to his prior support of former Prime Minister Najib Razak.[16]
A spokesperson for Low said that he has been subjected to “trial-by-media” from the start and that the Malaysian government has proven time and time again they have no interest in the rule of law
According to South China Morning Post reports, Jho Low is still involved in affairs of his Hong Kong companies. He signed documents for private equity firm Jynwel Capital and non-profit group Jynwel Charitable Foundation in July 2018,[39] even though Malaysian authorities looking to arrest him in connection with the 1MDB scandal which he has stated as politically motivated.[40] He was alleged to have been in discussions with the Malaysian government on a potential deal, but the Malaysian government and him did not come to a deal.[41]
Low allegedly purchased a US$325,000 white Ferrari as a wedding gift for Kim Kardashian in 2011.[42][43] The Department of Justice (DoJ) was reported to have sought restitution from other famous celebrities who had received gifts from Low, among them Leonardo DiCaprio, who has since returned Picasso and Basquiat paintings; and Miranda Kerr who returned diamond jewellery with a market value of US$8 million.[43][44][45]
In June 2017, the US Government, in civil proceedings brought against certain assets in the Central District of California, sought return of US$540 million worth of assets derived from an alleged $4.5 billion misappropriation from the Malaysian 1MDB wealth fund. On 1 November 2018, Low and two ex-Goldman Sachs bankers were indicted by the US Department of Justice with money laundering in connection with the alleged 1MDB misappropriation. The charges paints Low to be the mastermind of a scheme to siphon the funds into personal accounts disguised as legitimate businesses and providing kick-backs to officials.[46][47]
in 2019, Low made news again for his connection to the Burning Sun scandal. [48]
Comments
Post a Comment