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20 May 2018
The Wall Street JournalVerified account @WSJ
Fall of a Malaysian Dynasty Puts Target on Alleged 1MDB Mastermind
Financier Jho Low, accused of helping divert $4.5 billion, had been blithely partying and yachting around Asia; the prime minister’s defeat makes him a wanted man
KUALA LUMPUR, Malaysia—The alleged mastermind behind one of this decade’s greatest global financial scandals was seen earlier this month relaxing on the Thai resort island of Phuket.
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8 March 2018
The Wall Street JournalVerified account @WSJ
Corruption Currents: ‘Wolf of Wall Street’ Producer Settles in 1MDB Probe
Money Laundering:
The firm that produced the “Wolf of Wall Street” agreed to pay $60 million to settle claims it financed the movie with money siphoned from a Malaysian state investment fund. (Bloomberg, Reuters)
The settlement between the U.S. Justice Department and Red Granite Pictures Inc., which was co-founded by a stepson of Malaysian Prime Minister Najib Razak, also covers U.S. forfeiture claims against the producer’s rights and interests in two other pictures, “Daddy’s Home” and “Dumb and Dumber To.”
The complaint targeting the 2013 picture, directed by Martin Scorsese, is among more than two dozen forfeiture lawsuits filed by the U.S. against $1.7 billion assets that were allegedly acquired with money stolen from 1Malaysia Development Bhd. The assets include mansions in Beverly Hills, California, luxury condos in New York, jewelry and artworks.
The Justice Department sought the profits, royalties and distribution proceeds that are owed to Red Granite Pictures. The movie starring Leonardo DiCaprio took in $392 million in worldwide ticket sales, according to the website Box Office Mojo.
“We are glad to finally put this matter behind us and look forward to refocusing all of our attention back on our film business,” Red Granite said in a statement.
1MDB Probe
Riza Aziz
Riza Aziz, Najib’s stepson, is a friend of Low Taek Jho, also known as Jho Low, the Malaysian financier whom the U.S. alleges orchestrated the scheme to loot $4.5 billion from the Malaysian fund going back to 2009. Of the allegedly stolen money, $1.7 billion has been traced to assets in the U.S. and U.K.
Most of the civil forfeiture cases have been put on hold while the Justice Department is pursuing a criminal investigation.
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March 7, 2018
The Wall Street JournalVerified account @WSJ
‘The Wolf of Wall Street’ producers to pay $60 million to U.S. in lawsuit settlement
KUALA LUMPUR (Reuters) – The company behind the 2013 film, “The Wolf of Wall Street”, agreed to pay the United States government $60 million to settle a civil lawsuit that sought to seize assets allegedly bought with money stolen from a Malaysian state fund.
The film’s producer, Red Granite Pictures, co-founded by the Malaysian prime minister’s stepson, announced last September that it had “reached a settlement in principle” with the U.S. government, but did not reveal any sum at the time..
U.S prosecutors, pursuing their biggest kleptocracy asset recovery initiative, had claimed the three films were financed by Red Granite using money misappropriated from 1Malaysia Development Berhad (1MDB), a state fund founded in 2009 by Malaysian Prime Minister Najib Razak.
While Najib has not been the subject of any of the lawsuits, a number of his close associates, including stepson Riza Aziz, have been named by U.S. investigators.
Najib and Riza have consistently denied any wrongdoing.
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1 April 2016
The Wall Street JournalVerified account @WSJ
The Secret Money Behind ‘The Wolf of Wall Street’
Investigators believe much of the cash used to make the Leonardo DiCaprio film about a stock swindler originated with embattled Malaysian state development fund 1MDB
LOS ANGELES—Despite the star power of Leonardo DiCaprio and director Martin Scorsese, the 2013 hit movie “The Wolf of Wall Street” took more than six years to get made because studios weren’t willing to invest in a risky R-rated project.
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