US Wants $330M Held By Clyde & Co. In 1MDB Funds Fight

Law360 (April 27, 2021, 7:54 PM EDT) -- U.S. prosecutors urged a California federal judge to let the country seize $330 million allegedly connected to embezzled 1Malaysia Development Berhad funds owed to PetroSaudi, arguing that sovereign immunity and U.S. jurisdiction limits are irrelevant in this case.

The United States is attempting to seize the money held in escrow by Clyde & Co. since U.S. financial institutions were allegedly used to launder the proceeds of criminal conduct jointly committed by 1MDB and PetroSaudi Oil Services (Venezuela) Ltd. The supposedly illicit funds were used for luxury real estate purchases, acquiring stocks in U.S. companies, gambling, funding major Hollywood films and more....

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