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US Returns $300 Million Allegedly Stolen From Malaysia

VOA News

   The U.S. says it has returned $300 million to Malaysia that was stolen
   from the country's state-owned investment fund in part of an elaborate
   corruption scheme.

   The U.S. Justice Department said Tuesday the money came from assets
   forfeited by Malaysian financier Low TaekJho, also known asJhoLow. A
   U.S. federal judge handed down a series of judgements last year
   ordering Low and his family to forfeit more than $700 million in assets
   located in the United States, Britain and Switzerland.

   Low has been accused of siphoning money from the 1Malaysia
   DevelopmentBerhad(1MDB) fund and using it to buy high-priced items.
   These include luxury homes, art and jewelry, a boutique hotel in
   Beverly Hills, California, and numerous business investments, including
   the Hollywood feature film "The Wolf of Wall Street."

   The U.S.JusticeDepartment says it now has recovered more than $600
   million in funds stolen from 1MDB, which was created by former
   Malaysian Prime Minister Najib Razak to promote economic development.
   U.S. prosecutors say Najib and his associates looted at least $4.5
   billion from the fund between 2009 and 2015.

   The accusations against Najib led to the stunning 2018 defeat of his
   ruling coalition, which had been in power since Malaysia's independence
   in 1957. Najib also is facing numerous criminal charges in connection
   with his role in the scandal.

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