Tue, 25 Apr 2023
Gurprit has been instructed in the 1Malaysia Development Bank (1MDB) fraud case for the last 18 months by Baker and Partners. A global settlement has recently been reached with two Abu Dhabi state funds for US $1.8 billion to settle the legal dispute with them, Bakers and Quantuma have contributed to the success of the result.
The 1MDB fraud has been hailed as one of the largest Kleptocracy frauds, standing at approximately US $7.65 billion. 1MDB was a strategic development company whose stated purpose was to promote the social and economic development of Malaysia through foreign investment partnerships.
The main force behind 1MDB’s establishment was the then Prime Minister of Malaysia, Najib Razak (Najib). Najib was sentenced to 12 years imprisonment in Malaysia in 2020 for corruption, money laundering, and abuse of power. A second key individual and perpetrator of the Fraud was Malaysian financier Low Taek Jho (Jho Low). Jho Low set up shell companies across the world for him and his beneficiaries of the fraud, purchased homes largely in the US, a super yacht, a bombardier jet and lived an ostentatious lifestyle. He set up kickbacks for accomplices, providing money through shell companies, gifting jewellery, properties and art, or made straight cash transfers to their bank accounts. Jho Low masterminded the Fraud with Najib. Criminal proceedings are ongoing against Jho Low in the United States and Malaysia (he is a fugitive).
There were other key accomplices, companies and international banks involved in the fraud too who are/have been pursued. Gurprit remains instructed on the SRC International aspect of the fraud. An excellent result for the people of Malaysia.
Read more here.