Legal

Wolf Of Wall Street Producer Close To Settling US 1MDB Lawsuit

Josh O'Neill Assistant Editor May 18, 2017

Wolf Of Wall Street Producer Close To Settling US 1MDB Lawsuit

The case against Martin Scorsese’s 2013 blockbuster was one of more than a dozen lawsuits in the US filed last year that questioned the legitimacy of assets and the money used to purchase them.

The producer of the Wolf of Wall Street is reportedly in talks with the US Department of Justice to draw a line under a lawsuit that alleges the movie was funded using money stolen from a Malaysian state-owned fund.

Lawyers for Red Granite Pictures, which was co-founded by Riza Aziz, a step-son of Malaysia’s Prime Minister Najib Razak, and the US earlier this week requested that a deadline in the lawsuit is extended to allow them to “focus on their ongoing negotiations”, Bloomberg reported.

The case against Martin Scorsese’s 2013 blockbuster was one of more than a dozen lawsuits in the US filed last year that questioned the legitimacy of assets and the money used to purchase them.

Authorities in the US and in more than five other countries allege that assets including private jets, mansions in Beverly Hills and California and luxury property in New York were purchased using cash siphoned from 1Malaysia Development Berhad.

The sovereign wealth fund is currently the subject of investigations into alleged money laundering in at least six countries, including the US, Singapore and Switzerland.

The DoJ is seeking to seize the profits, royalties and distribution proceeds that are owed to Red Granite Pictures. The movie took in $392 million in worldwide ticket sales, according to BoxOfficeMojo.

Riza Aziz is a friend of Low Taek Jho, also known as Jho Low, a Malaysian financier and notorious playboy with Hollywood ties who is accused by the US or orchestrating a scam that saw $3.5 billion looted from the $8 billion 1MDB fund.

Both have repeatedly denied any wrongdoing.

Family Wealth Report will continue to monitor this case and update coverage in due course.

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