The Malaysian financier at the heart of the massive 1MDB graft scandal has struck a settlement to forfeit assets worth US$700 million including a Beverly Hills hotel and a private jet, the US Justice Department said Wednesday.Jho Low will relinquish the assets under the largest ever US civil forfeiture, intended to recover cash allegedly stolen in the 1MDB scandal which helped topple Malaysia's corruption-plagued former regime."A staggering amount of money embezzled from 1MDB at the

Malaysia held talks with Goldman Sachs about dropping charges against three units of the Wall Street bank that prosecutors brought over the multi-billion-dollar 1MDB scandal, a report said Thursday.Huge sums were stolen from Malaysian state fund 1MDB in a fraud allegedly involving former leader Najib Razak and his cronies, and spent on everything from high-end real estate to a luxury super-yacht.Goldman's role has been under scrutiny as it helped arrange bond issues worth US$6.5 billion

Malaysian ex-leader Najib Razak's most significant 1MDB trial begins Wednesday, centring on allegations that hundreds of millions of dollars linked to the state fund ended up in his bank account.Claims that Najib and his cronies pilfered massive sums from the fund and spent it on everything from real estate to artwork contributed to the defeat of his long-ruling coalition to a reformist alliance.After losing power last year, Najib was arrested and hit with dozens of charges related to 1M

The news that Malaysia’s longest running Malay-language newspaper, Utusan Malaysia, might close tomorrow serves as a reminder to media outlets across the region about the importance of ethical journalism and sound financial management.Malaysian media has widely reported that the 80-year-old Utusan Malaysia and its sister publication, Kosmo!

The United States (US) Department of Justice's mushrooming investigation into the scandal-ridden Malaysian state fund 1MDB has extended to Deutsche Bank, two people familiar with the matter said on Thursday.The big German bank, which announced deep job cuts earlier this week and is embroiled in other high-profile government probes, says it is cooperating with the investigation and maintains that it is a victim in the scandal.The Justice Department is looking into whether Deutsche Bank br

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United States (US) prosecutors brought additional charges against Jho Low, the Malaysian national accused of looting the 1MDB wealth fund, for campaign-finance violations related to President Barack Obama’s 2012 re-election effort.According to an indictment unsealed Friday in Washington, Low transferred US$21.6 million to Pras Michel, a musician and film producer, who spread approximately US$865,000 among 20 people.

Malaysia’s Alliance of Hope-led (Pakatan Harapan) government turns one today, and like most one-year-olds, there have been a few falls and bumps.Euphoria swept through the country after the coalition led by former prime minister Mahathir Mohamed shocked the nation on 9 May last year, finally handing Malaysia its first new government after 61 years of independence.

Former Goldman Sachs Group Inc. banker Roger Ng is in plea talks to avoid a United States (US) trial on charges that he broke American anti-bribery laws and conspired to launder money embezzled from Malaysia’s state investment fund, 1MDB.Ng arrived in New York from Malaysia early Monday and appeared in federal court in Brooklyn, where he entered a not guilty plea.

The Malaysian government’s decision to revisit the US$34 billion Bandar Malaysia project earlier this month after a two-year stall is the latest infrastructure project to be renegotiated or revived with an eye on appeasing China.The newly-elected Alliance of Hope (Pakatan Harapan) ruling coalition embarked on a series of cost-cutting measures after coming to power last May, suspending a series of Chinese-financed projects as it sought to improve the government’s finances and reduce r