The Department of Justice said that the U.S. has reached a settlement to recover more than $49 million involving Malaysian sovereign wealth fund 1MDB, Reuters reported. 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 yesterday that it has settled its civil forfeiture cases against assets acquired by the former managing director of Abu Dhabi’s International Petroleum Investment Company (IPIC), Khadem al-Qubaisi, using funds allegedly misappropriated from 1MDB and laundered through financial institutions in several jurisdictions, including the United States, Switzerland, Singapore and Luxembourg.
