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US unveils new claims in 1MDB money laundering case US looks to seize $540m in 'stolen' loot from Malaysia fund 1MDB
(about 9 hours later)
US authorities are moving to seize a Picasso painting, an apartment in Manhattan, and rights to a Jim Carrey movie as part of a global money laundering case. US authorities are moving to seize a Picasso painting, a luxury apartment in Manhattan, and the movie rights to 'Dumb and Dumber To' as part of a global money laundering investigation.
The US alleges high-level officials stole more than $4.5bn from a Malaysian economic development fund. The Department of Justice alleges more than $4.5bn (£3.5bn) was stolen from Malaysian sovereign wealth fund 1MDB by public officials and their associates.
The items in the latest filing were allegedly purchased using $850m diverted from the 1MDB fund in 2014. Their latest lawsuit is looking to recover an additional $540m in assets linked to the scandal-ridden fund.
The case has put pressure on Prime Minister Najib Razak. 1MDB routinely denies any misconduct.
Mr Najib, who oversaw the fund, allegedly received millions in stolen money, though he returned most of it. He denies wrongdoing. The case continues to place pressure on Malaysian Prime Minister Najib Razak, who was identified as 'Official 1' in the DoJ filings.
"These cases involve billions of dollars that should have been used to help the people of Malaysia, but instead was used by a small number of individuals to fuel their astonishing greed," said Sandra Brown, an acting US attorney in California. There have been large street protests in the capital Kuala Lumpur in recent years calling for Mr Najib, who used to chair 1MDB's advisory board, to step down.
The scandal has also spawned investigations in at least five countries including Singapore, Hong Kong and Switzerland.
Mr Najib has consistently denied corruption allegations and an investigation by the country's attorney-general also cleared him of any wrongdoing.
"These cases involve billions of dollars that should have been used to help the people of Malaysia, but instead was used by a small number of individuals to fuel their astonishing greed," said Sandra Brown, an acting US attorney.
"We simply will not allow the United States to be a place where corrupt individuals can expect to hide assets and lavishly spend money that should be used for the benefit of citizens of other nations.""We simply will not allow the United States to be a place where corrupt individuals can expect to hide assets and lavishly spend money that should be used for the benefit of citizens of other nations."
1MDB: The case that has riveted Malaysia A press secretary for Mr Najib said in a statement that the government would co-operate with any "lawful" investigation, but stressed that the US claims remain unproven.
A press secretary for Mr Najib said the government would cooperate with any "lawful" investigation, but stressed that the US claims remain unproven.
The secretary, Datuk Seri Tengku Sariffuddin, also said there was "unnecessary and gratuitous naming" in the case.The secretary, Datuk Seri Tengku Sariffuddin, also said there was "unnecessary and gratuitous naming" in the case.
"Malaysia stands firm in its support of transparency and good governance," the statement said. "That includes ensuring that accusations have a basis in fact, rather than smears briefed by political opponents." "Malaysia stands firm in its support of transparency and good governance," he said. "That includes ensuring that accusations have a basis in fact, rather than smears briefed by political opponents."
The US has filed complaints to recover more than $1.7bn. The 1MDB fund has also spawned investigations in Singapore and Switzerland, among other countries.
Where did the money go?Where did the money go?
From 2009 through 2015, the US Department of Justice says officials and their associates used money from the fund to pay gambling debts at Las Vegas casinos, fund Hollywood films - including The Wolf of Wall Street and Dumb and Dumber To - and buy a jet and London property. Overall, the DoJ has filed complaints to recover more than $1.7bn worth of funds allegedly pilfered from 2009 through 2015.
In court papers filed Thursday, they say money was also used to pay for a diamond necklace for the wife of Malaysia official 1 - who has been revealed as Mr Najib - and to buy the Picasso still life, which was later given to actor Leonardo DiCaprio as a birthday gift. In court papers submitted on Thursday, prosecutors said some of the stolen money was used to buy a pink diamond necklace for Mr Najib's wife and a 300-foot luxury yacht called The Equanimity that comes with a helicopter launching pad and movie theatre.
Other items included shares of companies such as Palantir Technologies and Fly Wheel Sports; and a 300-foot luxury yacht that carries up to 26 guests and 33 crew members with a helicopter launching pad and movie theatre. Stolen funds were also used to buy the Picasso painting 'Nature Morte au Crane de Taureau', which was later given to actor Leonardo DiCaprio as a birthday gift.
The cases, including the one filed last year, are still working their way through the courts and investigation is ongoing. The assets named Thursday are worth $540m, they said. The money was also used to fund Hollywood films including 'The Wolf of Wall Street' and the Jim Carrey movie 'Dumb and Dumber To'.
Those named in earlier complaints, including the family of financier Jho Low, who authorities say was a key player in the affair, have fought seizures. Red Granite Pictures, which financed both of those films and was founded by Mr Najib's stepson, is currently in settlement talks.
Mr DiCaprio, who starred in the Wolf of Wall Street, said last year he was cooperating with the investigation and would return any gifts tied to the fund. Attorney Jim Bates, who represents the firm, said it is "fully co-operating" and remains an active production company.
Red Granite Pictures, which financed The Wolf of Wall Street and Dumb and Dumber To, is in settlement talks. The firm was founded by Mr Najib's stepson. Mr DiCaprio, who starred in the Wolf of Wall Street, said last year he was co-operating with the investigation and would return any gifts tied to the fund.
Attorney Jim Bates, who represents the firm, said it is "fully cooperating" and remains an active production company. Those named in earlier complaints, including the family of Malaysian financier Jho Low, who authorities say was a key player in the affair, have fought the seizures.