Legal
Scandal-Hit Movie Company Settles US Lawsuit Tied To 1MDB
1Malaysia Development Berhad is currently the subject of probes in at least six countries, including the US, Singapore and Switzerland.
The company that produced the blockbuster film The Wolf of Wall Street, and was co-founded by the stepson of Malaysia' prime minister, has settled a lawsuit filed by the US government to seize assets allegedly acquired with money siphoned from a Malaysian state fund.
Red Granite Pictures announced the settlement Friday in a filing at the federal Los Angeles court, but did not disclose a sum.
"The parties are pleased to inform the court that Red Granite and the government have reached a settlement in principle," the filing stated.
US prosecutors had alleged that Martin Scorsese's 2013 film was financed by Red Granite Pictures using funds stolen from 1Malaysia Development Berhad, or 1MDB, the scandal-warped fund at the center of global probes into alleged money laundering.
Red Granite Pictures had previously said that neither it, nor its co-founder Riza Aziz, had committed any wrongdoing.
"We are glad to finally put this matter behind us and look forward to refocusing all of our attention back on our film business," Red Granite said in a statement.
The US Department of Justice has lodged dozens of lawsuits over the past two years against various parties allegedly tied to the misappropriation of some $4.5 billion from 1MDB.
The US is seeking to seize around $1.7 billion in assets, making it the largest case of its kind in the DoJ's history.
The scandal has dogged Malaysia's Prime Minister Najib Razak, who launched 1MDB and had chaired its advisory board until it was dismantled last year, but he has repeatedly denied wrongdoing.
A number of his associates, including his stepson Aziz, have been named by US investigators.
Last week, Najib met with US President Donald Trump in the White House. Trump praised Najib's country for investing in the US, but steered clear of talks around probes into 1MDB, which is currently the subject of investigations in at least six countries.
