49mn

US reaches deal to recover over $49mn involving Malaysia’s 1MDB

KUALA LUMPUR (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 government of former Malaysian Prime Minister Najib Razak set up the 1MDB fund in 2009. The Justice Department has estimated more than $4.5 billion was siphoned out of Malaysia by high-level fund officials and their associates between 2009 and 2014 in a scandal that has also embroiled Goldman Sachs Group Inc.

The DOJ said in a statement dated May 6 it has settled its civil forfeiture cases against assets acquired by

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