Deals
Jho Low Gives Up $1 Billion in Assets to Settle 1MDB Suits
- Recovery would set record for U.S. anti-corruption crackdown
- Assets involved include Beverly Hills hotel, London property
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The U.S. Justice Department has struck a deal with fugitive financier Jho Low in which it will recoup almost $1 billion of money looted from the Malaysian investment fund 1MDB, in what would be the biggest recovery from an American anti-corruption crackdown.
The 1MDB global corruption scandal toppled the previous Malaysian government of Najib Razak, ensnared a Wall Street powerhouse and set off investigations across the globe. The proposed settlement was filed Wednesday in a California court.