Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

US Moves to Seize $1bn in 1MDB Assets Held in US

July 20, 2016 by Marion Maneker

Jean-Michel Basquiat, Dustheads ($25-35m)

Authorities are expected to file civil lawsuits as soon as Wednesday morning seeking to seize more than $1 billion worth of assets, which are expected to include properties and other assets purchased with money allegedly misappropriated from the Malaysian fund, according to people familiar with the matter.

Agents from the Federal Bureau of Investigation’s international corruption unit have also been conducting a wide-ranging criminal investigation into people and institutions connected with 1Malaysia Development Bhd., known as 1MDB, a sovereign-wealth fund set up by Prime Minister Najib Razak in 2009 to drive the country’s economy.

The expected asset seizures would be the U.S. government’s first action tied to the 1MDB investigation. It is unknown what assets will be seized,[…]

U.S. Set to Seize $1 Billion in Assets Tied to Malaysian Fund 1MDB  (WSJ)

More from Art Market Monitor

  • Prognosticating on Munch’s ScreamPrognosticating on Munch’s Scream
  • Tennessee Museum Fends Off Private Rivales for WileyTennessee Museum Fends Off Private Rivales for Wiley
  • ING Culls Its CollectionING Culls Its Collection
  • Ensor's Strange CareerEnsor's Strange Career
  • Australian Collector Peter Elliott’s Estate Opens Season with White Glove SaleAustralian Collector Peter Elliott’s Estate Opens Season with White Glove Sale
  • Where Art Adds Value to FantasyWhere Art Adds Value to Fantasy

Filed Under: General

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor
 

Loading Comments...