World

US to seize assets linked to 1MDB

The United States government moved yesterday to seize more than US$1 billion (S$1.3 billion) in assets purchased with money that it believes was stolen from Malaysia's sovereign wealth fund 1Malaysia Development Berhad (1MDB), The New York Times reported.

Hidden in the US in real estate, art and other luxury goods, the money was embezzled from the fund and moved around the world using secretive shell companies that masked its trail, the US Justice Department said.

Prosecutors said the US$1 billion that was laundered in the US is but a portion of the billions that international investigators suspect was siphoned off by high-level officials and their associates at the fund.

1MDB is overseen by Malaysian Prime Minister Najib Razak.

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