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1MDB Funds were Allegedly Used For These Things, According to DOJ

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These Ultra-Luxurious Assets Were Allegedly Bought Using 1MDB Funds - World Of Buzz 2


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By now, it’s safe to assume you’ve been heard about how the U.S Department of Justice (DOJ) filed a lawsuit to seize assets tied to state sovereign wealth fund 1MDB on the 20 July (if not, we got you covered).

Well, here’s a list of some of the assets allegedly bought with money misappropriated from 1MDB.

1. Bombardier Jet

Malaysian businessman Jho Low has allegedly bought a Bombardier jet in 2010 with a pricetag of USD35.3 million using funds from 1MDB.

The DOJ identifies the aircraft as a Bombardier Global 5000, bearing the manufacturer serial number 9265 and registration number N689WM, with two Rolls-Royce engines bearing the manufacturer’s serial numbers 12487 and 12488

 

2. Greene Condominium

Credit: nytimes.com

According to the DOJ, Low bought this luxury condominium in New Yorks’ SoHo district in February 2014. Low allegedly splashed out USD13.8 million for this condominium.

 

3. Hillcrest Property 1 & 2, Beverly Hills, California

Credit: realtor.com

The DOJ listed that Riza Aziz, son of Prime Minister Datuk Seri Najib Abdul Razak’s wife, purchased ‘Hillcrest Property 1’ from Low using 1MDB funds. He allegedly spent USD17.5 million for the property in 2010.

According to the Sarawak Report, the property sprawls over 11,500 square feet and boasts 5 bedrooms and 10 bathrooms. It’s said that the property was purchased for USD15 million.

‘Hillcrest Property 2’ is reported by the DOJ to have been acquired by Khadem Abdulla Al Qubaisi, using misappropriated funds from 1MDB. Khadem was the former managing director of International Petroleum Investment Company (IPIC).

 

4. Qantas Townhouse, Belgravia, London

Credit: wsj.com

The DOJ believes that Riza bought the Qantas Townhouse and a parking space to accompany using 1MDB funds. Apparently, Riza paid about £23.25 million (USD41.8 million) for the Qantas Townhouse in 2012.

According to research from Lloyds bank, five of the ten most pricey addresses are located in Belgravia and Knightsbridge in the City of Westminister, London, making Belgravia one of the most expensive streets in London.

 

5. Time Warner Penthouse, New York

Prime Minister Najib Razak leaving the Time Warner Center in New York, where he has an apartment, in 2014. Credit: nytimes.com

Beyoncé and Jay Z once called this place home – the 76th floor penthouse, bought by Low, was allegedly purchased using funds diverted from 1MDB for USD30.5 million.

It’s reported that Hollywood actor Robert De Niro’s son, Raphael De Niro of Douglas Elliman Real Estate, oversaw the sale. It’s listed as the highest yielded price per square foot at the Time Warner Centre.

 

6. Gambling at the Venetian Casino

These Ultra-Luxurious Assets Were Allegedly Bought Using 1MDB Funds - World Of Buzz
Image source: scmp

According to the Department of Justice, United States, “On or about July 15, 2012, Low withdrew an aggregate cash amount of US$1,150,090 (approx RM4,691,217) at the Venetian Casino: US$500,000 (RM2,039,500) as a withdrawal of deposit, and US$650,090 (RM2,651,700) as redemption of casino chips and other gaming instruments.

“Several individuals gambled with Low on this occasion, using his account. These individuals included Aziz; Red Granite Pictures co-founder Christopher ‘Joey’ McFarland; a lead actor in ‘The Wolf of Wall Street’ (Hollywood Actor 1); and a former chief investment officer of 1MDB,” said the DOJ.


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