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  • The Shell Game:: - The Aabar-Bvi' Phase

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    The US government has identified over $1 billion in assets that were looted from 1Malaysia Development Berhad (1MDB). The lawsuit tracks how $1 billion was moved through shell companies like Good Star Ltd and Tanore Finance Corporation and ended up in bank accounts controlled by associates of Malaysian financier Jho Low. Some of the money was used to fund movie production company Red Granite Pictures and purchases like luxury homes and artwork. The lawsuit alleges that a total of $3.5 billion was looted from 1MDB since 2009 through shell companies and fraudulent transfers.

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    1MDB

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    ST_20160722_1NAJIB22_2462084

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    The US government has identified over $1 billion in assets that were looted from 1Malaysia Development Berhad (1MDB). The lawsuit tracks how $1 billion was moved through shell companies like Good Star Ltd and Tanore Finance Corporation and ended up in bank accounts controlled by associates of Malaysian financier Jho Low. Some of the money was used to fund movie production company Red Granite Pictures and purchases like luxury homes and artwork. The lawsuit alleges that a total of $3.5 billion was looted from 1MDB since 2009 through shell companies and fraudulent transfers.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    18 views1 page

    The Shell Game:: - The Aabar-Bvi' Phase

    Uploaded by

    kumar.arasu8717
    The US government has identified over $1 billion in assets that were looted from 1Malaysia Development Berhad (1MDB). The lawsuit tracks how $1 billion was moved through shell companies like Good Star Ltd and Tanore Finance Corporation and ended up in bank accounts controlled by associates of Malaysian financier Jho Low. Some of the money was used to fund movie production company Red Granite Pictures and purchases like luxury homes and artwork. The lawsuit alleges that a total of $3.5 billion was looted from 1MDB since 2009 through shell companies and fraudulent transfers.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    The money trail The US government has identified over US$1 billion in assets that it says were looted

    ment has identified over US$1 billion in assets that it says were looted from 1Malaysia
    Development Berhad (1MDB). Its lawsuit tracks how the money was moved and where it ended up.

    The shell game:


    The Aabar-bvi phase The US$1 billion is part of US$3.5 billion that was looted from IMDB since 2009, says the US Department of Justice in its lawsuit to seize the
    assets. This, it said, was done by first channelling funds to several shell companies such as Good Star Ltd based in Seychelles, Tanore Finance
    About US$1.3 billion out of two bond offerings guaranteed Corporation in Singapore, and Aabar Investments PJS Limited in the British Virgin Islands. These occurred over three principal phases:
    by 1MDB and Abu Dhabi state fund International Petroleum
    Investment Company (IPIC) was wired to Aabar Investments
    PJS Ltd, which had a name deceptively similar to IPIC
    subsidiary Aabar Investments PJS.
    These funds were transferred to, among other places, a The Good Star phase The Tanore phase
    Singapore bank account controlled by Mr Eric Tan Kim Between 2009 and 2011, under the pretense of In 2013, over US$1.26 billion was diverted out of
    Loong, a Malaysian national and an associate of Malaysian investing in a joint venture between 1MDB and PetroSaudi US$3 billion in principal that 1MDB raised through a third
    financier Jho Low. International a private Saudi oil extraction company bond offering in March 2013. Days after the bond sale, the
    In addition, Mr Riza Aziz, the stepson of Malaysian Prime US$1 billion was fraudulently transferred from 1MDB to a money was diverted to a bank account in Singapore held
    Minister Najib Razak, received about US$238 million, used to Swiss bank account held in the name of Good Star Ltd by Tanore Finance Corporation, of which Mr Tan was the
    fund his movie production company, Red Granite Pictures. owned by Mr Low. recorded owner.

    Hillcrest house
    (Beverly Hills)
    $15m

    Park Laurel
    condo
    (New York) Time Warner
    penthouse (New York)
    $33.5m
    $30.55m
    Oriole mansion (Beverly Hills)
    $38.98m
    Walker Tower penthouse
    (New York) Hillcrest house (Beverly Hills)
    Park Lane Hotel
    $50.9m $17.5m (New York)
    $654.3m

    La maison de Vincent a
    Arles, by Van Gogh
    Private Jet (Bombardier
    Global 5000) $5.48m
    The Wolf Of Wall Street movie $35.37m
    Estimated investment
    of $100m Music publishing business
    (Acquisition of substantial
    Jewellery interest in EMI Music Publishing
    Qentas town house (London) Group North America Holdings)
    $41.79m $3.08m
    $106.66m
    Greene
    condominium
    (New York)
    $13.8m
    Saint-Georges
    Luxury yacht rental Majeur, by Monet
    $2.69m $35m

    NOTE: All figures in US dollars.


    Laurel Beverly Hills Gambling at casino Viceroy LErmitage Hotel (Beverly Hills) Nympheas Avec Reflets de Photos: US DEPARTMENT OF JUSTICE,
    mansion (Beverly Hills) $25m at Las Vegas casinos $44.8m Hautes Herbes, by Monet GOLDEN VILLAGE PICTURES, BLOOMBERG
    $31m $57.5m STRAITS TIMES GRAPHICS

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