U.S. reaches settlement to recover over $49 mln involving Malaysia’s 1MDB -DOJ

KUALA LUMPUR (Reuters) – The United States has reached a settlement to recover more than $49 million involving Malaysian sovereign wealth fund 1MDB, the Department of Justice said.

The DOJ said in a statement dated May 6 it has settled its civil forfeiture cases against assets acquired by 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.

Reporting by Liz Lee; Editing by Muralikumar Anantharaman