The U.S. Justice Department has struck a deal to recoup $1 billion in funds allegedly looted from a Malaysian state investment fund by fugitive financier Jho Low, in a record capture for a U.S. anti-corruption probe.
U.S. authorities say about $4.5 billion was siphoned from 1Malaysia Development Berhad (1MDB), founded in 2009 by then-Malaysian Prime Minister Najib Razak.
Since 2016, the Justice Department, in its biggest-ever anti-kleptocracy case, has filed civil lawsuits seeking to seize about $1.7 billion in assets allegedly bought with stolen 1MDB funds.
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