U.S. Recovers 1MDB-Linked Assets Bought by Emirati Businessman

(Bloomberg) -- The U.S. recovered $49 million, which include sales proceeds from high-end real estate in New York and Beverly Hills, California, that was allegedly acquired by an Emirati businessman with money stolen from Malaysia's 1MDB investment fund.

The Justice Department settled two forfeiture lawsuits with trusts that held the assets on behalf of the minor children of Khadem Abdulla al-Qubaisi, according to a statement Wednesday from the U.S. attorney's office in Los Angeles.

The settlement, together with the prior disposition of other related forfeiture cases, brings the total recoveries in the 1MDB case to more than $1 billion, representing the largest civil forfeiture ever concluded by the Justice Department, the government said.

Al-Qubaisi is the former managing director of International Petroleum Investment Company, a fund owned by the Abu Dhabi government. He allegedly helped funnel billions of dollars from 1MDB. The Wall Street Journal reported last year that al-Qubaisi was sentenced to 15 years in prison in Abu Dhabi.

Al-Qubaisi was accused of using the money to buy a condominium in New York and a mansion in Beverly Hills.

©2020 Bloomberg L.P.