Jurisdictions involved
Malaysia, British Virgin Islands, Cayman
The business and background
1MDB was a Malaysian state fund, set up in 2009 to promote development through foreign investment and partnerships. The original discovery of the fraud came via investigative journalists who produced a media report. Today, the 1MDB fraud is a high-profile corruption case with over $6.5 billion of monies stolen.
What we did
We were appointed over key entities that participated in the fraud across various jurisdictions, utilizing investigatory and disclosure remedies to identify assets, facilitators, and conduits.
Our team in the Cayman Islands have been working on the investigation of the flow of funds, the fraudulent schemes, and the entities involved, overseeing recovery actions against identified assets, entities and individuals.
The outcome:
The engagement is ongoing.