U.S. DOJ says pursuing investigations related to Malaysia's 1MDB

KUALA LUMPUR (Reuters) - The U.S Department of Justice said on Tuesday it would continue to pursue investigations into 1 Malaysia Development Berhad (1MDB) and looked forward to working with Malaysian law enforcement authorities, which have reopened a probe into the fund following a change of government this month. 'The Department of Justice is committed to ensuring that the United States and its financial system are not threatened by corrupt individuals and kleptocrats who seek to hide their ill-gotten wealth,' a DoJ spokesperson said in an email statement to Reuters.

Reuters May 22, 2018 07:06:48 IST
U.S. DOJ says pursuing investigations related to Malaysia's 1MDB

US DOJ says pursuing investigations related to Malaysias 1MDB

KUALA LUMPUR (Reuters) - The U.S Department of Justice said on Tuesday it would continue to pursue investigations into 1 Malaysia Development Berhad (1MDB) and looked forward to working with Malaysian law enforcement authorities, which have reopened a probe into the fund following a change of government this month.

"The Department of Justice is committed to ensuring that the United States and its financial system are not threatened by corrupt individuals and kleptocrats who seek to hide their ill-gotten wealth," a DoJ spokesperson said in an email statement to Reuters.

"Whenever possible, recovered assets will be used to benefit the people harmed by these acts of corruption and abuse of office," the statement added.

The U.S. filed forfeiture complaints in 2016 and 2017 seeking to recover over $1.7 billion in assets traceable to funds allegedly misappropriated from 1MDB. 

These complaints alleged that more than $4.5 billion was diverted from 1MDB and laundered through a web of shell companies and bank accounts located in the United States and elsewhere.  

(Reporting by Praveen Menon; Editing by John Chalmers)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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