Cover image via The WSJ
The US Government is all set to file a major civil lawsuit seeking to seize more than USD1 billion worth of assets allegedly purchased with money that was stolen from 1MDB by people close to Najib Razak, The New York Times and The Wall Street Journal today reported. It is one of the largest asset seizures in the US history.
While the asset seizures would be the first action linked to 1MDB taken by the US govt, it isn't known what assets would be seized
In its court filing, the US Department of Justice will name Riza Aziz, stepson of Najib and son of Rosmah; Jho Low, the Malaysian financier who helped set up 1MDB, and Khadem Al Qubaisi, former MD of Abu Dhabi's International Petroleum Investment Co.
Investigators believe at least USD50 million of luxury real estate in New York City and Los Angeles was bought by Najib's stepson using funds originating with 1MDB.
Riza Aziz, Najib's stepson bought the two properties from Jho Low, who has even broader investments and dealings in the US.
[The Journal reported](http://www.wsj.com/articles/u-s-readies-push-to-seize-assets-tied-to-malaysian-fund-1mdb-1468987220) in May how Jho Low had started liquidating an art collection worth at least USD300 million, including the sale of a prized Basquiat painting at a loss.
Meanwhile, Najib, who has repeatedly denied any wrongdoing, will not be named in the complaint, The New York Times reported
Image via Michael Appleton for The New York Times
There are at least 10 countries where probes against 1MDB are currently underway. The US Government's move to asset seizures would be a culminating moment for at least 6 of them.
Image via Bloomberg
The process, however, is quite lengthy
Meanwhile, in a 35-minute long press conference, the US Government authorities delivered remarks, each describing particular aspects of the complaints. Here are the key takeaways:
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