US sues to seize US$1 bil in assets tied to Malaysian state fund

WASHINGTON (July 21): US prosecutors sued on Wednesday to seize more than US$1 billion ($1.4 billion) in assets they said were tied to an international scheme to launder money stolen from the Malaysian state fund 1MDB, which was overseen by Prime Minister Najib Razak, and used to finance the Hollywood film "Wolf of Wall Street" and to buy property and famous works of art.

Civil lawsuits filed in federal court did not name Najib, referring instead to "Malaysian Official 1." Some of the allegations against this official are the same as those in a Malaysian investigation over a US$681 million transfer to his personal bank account.

The sovereign wealth fund 1MDB and the Malaysian prime minister's office had no immediate comment. Najib has consistently denied any wrongdoing.

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