After Goldman, 1MDB pursues J.P. Morgan and Deutsche Bank
Bloomberg
Bloomberg
After successfully recouping more than $3 billion from Goldman Sachs Group and other firms, Malaysia s 1MDB is casting a wider net.
The state-owned investment fund is suing companies, including J.P. Morgan Chase and Deutsche Bank, in an effort to recover assets worth more than $23 billion that the country says are linked to the fund. 1MDB and a former unit filed a combined 22 civil suits against entities and individuals for various alleged wrongdoings including fraud and conspiracy to defraud the fund, the Finance Ministry said Monday.
The suits are the latest twist in Malaysia s continuing effort to recover billions of dollars allegedly siphoned from 1MDB by people connected to the country s former prime minister. For much of the past decade, authorities have tried to track funds that allegedly flowed from 1MDB into high-end art and real estate, a super yacht and, ironically, the hit Hollywood movie
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Malaysia’s 1MDB and a former unit have filed suits against firms including JPMorgan Chase & Co. and Deutsche Bank AG as the nation seeks to recover assets worth more than $23 billion linked to the scandal-plagued state-owned investment fund. 1MDB, whose full name is 1Malaysia Development Bhd., and SRC International Sdn. filed a combined 22 civil suits against a slew of entities and individuals for various alleged wrongdoings including fraud and conspiracy to defraud the fund, the Finance Ministry said on Monday. Among those named were JPMorgan and Deutsche Bank, according to a person familiar with the matter who declined to be identified discussing non-public information.
JPMorgan, Deutsche Bank said to be among firms sued by 1MDB americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.