US Seeks Record Recovery of $540M in Case of Looted Sovereign Wealth Fund
The U.S. Justice Department filed forfeiture complaints Thursday seeking to recover $540 million in assets, part of the estimated $4.5 billion stolen in a massive global money laundering scheme that stretched from Malaysia to Hollywood.
June 15, 2017 at 05:00 PM
5 minute read
The U.S. Justice Department filed forfeiture complaints Thursday seeking to recover $540 million in assets, part of the estimated $4.5 billion stolen in a massive global money laundering scheme that stretched from Malaysia to Hollywood.
The complaints seek the forfeiture of Red Granite Pictures' interest in the movies “Dumb and Dumber To” and “Daddy's Home,” a condominium in New York City worth nearly $5 million, diamond jewelry, artworks by Pablo Picasso and Jean-Michel Basquiat, and a $260 million megayacht called The Equanimity.
Combined with civil forfeiture complaints filed in July 2016 that seek more than $1 billion, and civil forfeiture complaints filed last week that seek approximately $100 million in assets, this case represents the largest action brought under the Kleptocracy Asset Recovery Initiative. Assets now subject to forfeiture in this case total almost $1.7 billion.
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