Franklin, Andrews, Kramer & Edelstein

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1MDB Loot Included Picasso, ‘Dumb and Dumber To,’ U.S. Says

by Greg Farrell June 15, 2017, 4:59 PM GMT+1 June 16, 2017, 1:55 AM GMT+1
https://www.bloomberg.com/news/articles/2017-06-15/u-s-seeks-to-recover-540-million-tied-to-tainted-1mdb-fund

- U.S. also wants to seize 50-person yacht, 22-carat diamond

- Justice Department alleges over $4.5 billion misappropriated

The U.S. Justice Department is seeking to recover $540 million in assets -- including art works, jewelry and film rights -- that it says were purchased with funds misappropriated from Malaysia’s 1MDB wealth fund.

It’s the latest attempt by the U.S. government to seize assets linked to the tainted fund, bringing the total sought by the Justice Department to $1.8 billion.

From 2009 through 2015, more than $4.5 billion belonging to 1Malaysia Development Bhd was diverted by high-level officials of the fund and their associates, according to complaints filed Thursday in the Central District of California.

Malaysia’s 1MDB Fund Spawns Worldwide Probes: QuickTake Q&A

The items cited in the new lawsuit as subject to seizure include a Park Avenue condominium, diamond jewelry, shares of fitness club operator Fly Wheel Sports Inc., a painting by Pablo Picasso titled “Nature Morte au Crane de Taureau” and rights to the 2014 film “Dumb and Dumber To.”
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https://www.bloomberg.com/news/articles/2017-06-15/u-s-seeks-to-recover-540-million-tied-to-tainted-1mdb-fund