May 7, 2020 / 1:29 AM / 19 days ago

U.S. reaches settlement to recover over $49 mln involving Malaysia's 1MDB -DOJ

KUALA LUMPUR, May 7 (Reuters) - The United States has reached a settlement to recover more than $49 million involving Malaysian sovereign wealth fund 1MDB, the Department of Justice said.

The DOJ said in a statement dated May 6 it has settled its civil forfeiture cases against assets acquired by Khadem al-Qubaisi using funds allegedly misappropriated from 1MDB and laundered through financial institutions in several jurisdictions, including the United States, Switzerland, Singapore and Luxembourg. (Reporting by Liz Lee; Editing by Muralikumar Anantharaman)

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