Kuala Lumpur, Malaysia
Caproasia.com | The leading source of data, research, information & resource for investment managers, professional investors, UHNW & HNW investors, and advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more

This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion.







Malaysia Sues JP Morgan, Deutsche and Coutts for $2.93 Billion, Receives $452 Million from United States

12th May 2021 | Singapore

The Malaysia government has filed a combined 22 civil suits to recover $23 billion of assets, including $2.93 billion from JP Morgan ($800 million), Deutsche Bank ($1.1 billion) and Coutts ($1.03 billion).  Malaysia’s Ministry of Finance also announced receiving $452 million into Malaysia’s Assets Recovery Trust Account from the United States Department of Justice (DOJ), for funds seized related to the 1Malaysia Development Berhad (1MDB).

“Malaysia Sues JP Morgan, Deutsche and Coutts for $2.93 Billion, Receives $452 Million from United States”

 


Ads & Announcements



The 2023 Investment Day | HK & SG - Visit & Register here
Where do you invest $250k, $1 million, $10 million, $100 million or $1 billion? Can you generate IRR of 10% / 15% / 20% or more? Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Taking place on 28th March 2023 in Hong Kong, 4th April 2023 in Singapore, and Virtual Investment Day in April 2023.





Malaysia Recovered $3.89 Billion from 1MDB Scandal

Kuala Lumpur, Malaysia

In total, Malaysia has received $3.89 billion of seized and repatriated 1MDB funds.  The outstanding 1MDB debt is around $10.27 billion, with $9.65 billion from 1MDB and $620 million from SRC (subsidiary of 1MDB).

In 2020, Malaysia had received $2.5 billion from Goldman Sachs, with a further guarantee of at least $1.4 billion of assets that had been seized by governments worldwide.

Between 2012 and 2023, Goldman Sachs role raised $6.5 billion through 3 bond sales for 1MDB.  The $6.5 billion bond sales was led by Tim Leissner, who was Goldman Sachs Southeast Asia Chairman.  The leading American investment bank received $600 million in fees, representing more than 9% of the transaction.  The more than 9% underwriting fee of the $6.5 billion bond sales paid to Goldman Sachs is unusually high in investment banking, with fees generally decreasing as the deal size gets larger

Malaysia’s AMMB Holdings (AmBank Group) have also agreed to a $700 million settlement and Deloitte PLT will also be paying $80 million. 

 

Malaysia 1MDB

Malaysia

Founded in 2009 shortly after Najib Razak became Malaysia’s Prime Minister, 1MDB (1Malaysia Development Bhd) was set up as a sovereign investment fund to finance infrastructure projects and related economic projects to spur economic growth in Malaysia.

It became a political and financial scandal as the key businessman Jho Low who is believed to have masterminded the plan, had diverted the 1MDB funds to fund his personal and associates’ lifestyle, including making the Hollywood movie: Wolf of Wall Street, buying a $250 million yacht (Equanimity) and $35 million Bombardier private jet, giving lavish gifts to Victoria secret model Miranda Kerr and Hilton hotel heiress Paris Hilton, investing in luxury real estates, paintings and many more.

 

Finance Minister Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz:

“Following significant and successful settlements with Goldman Sachs, AmBank Group and Deloitte PLT, the Government’s recovery efforts are now focused on pursuing other wrongdoers who have caused losses to 1MDB and/or SRC during the execution of their duties, as parties directly or indirectly involved in 1MDB and/or SRC’s various operations and transactions.

As previously mentioned, the government will not rest until all those involved are made fully accountable for the wrongdoings caused to the country through their involvement in 1MDB and/or SRC.”

 

Related:




2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM

Register Below
Latest 2022 data & reports, insights & news
Every Saturday & Sunday 2 pm
Direct to your inbox
Save 2 to 8 hours per week. Organised for success

For Investors | Professionals | Executives





New to Caproasia?
Join 10,000 +
Learn More | Sign Up Today







For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors

Get Ahead in 60 Seconds. Join 10,000 +
Save 2 to 8 hours weekly. Organised for Success.

Subscribe / Sign Up / Contact Us


    Mailing ListFree TrialSubscriptionMembershipEvents


    Professional InvestorPrivate WealthFamily OfficePrivate BankingWealth ManagementInvestmentsAlternativesPrivate MarketsCapital MarketsESG & SICEO & EntrepreneursTax, Legal & RisksHNW & UHNWs Insights











    Caproasia | Driving the future of Asia
    a financial information technology co.
    since 2014


    Web links may be disabled on mobile for security.
    Please click on desktop.







    Previous articleBillionaires Bill Gates & Melinda Divorce, $150 Billion Assets
    Next articleHSBC Wealth Business Grows in Asia to $800 Billion, Hires 1000 in 2021
    Caproasia.com covering capital markets, investments and private wealth in Asia. Our users manage, advise & invest $25 trillion assets in Asia