Feds Seek Over $330M In New 1MDB Forfeiture Actions

Law360 (September 17, 2020, 9:33 PM EDT) -- Prosecutors are seeking to seize another $330 million in assets allegedly connected to embezzled 1Malaysia Development Berhad funds, including money tied up in arbitration proceedings between Saudi and Venezuelan oil companies and dozens of vintage movie posters bought by a Hollywood producer.

In two new forfeiture complaints filed in California federal court Wednesday, the government says it should be allowed to seize about $330 million held in escrow by law firm Clyde & Co. in the United Kingdom while PetroSaudi International and Petroleos de Venezuela S.A. dispute a failed drilling contract.

U.S. prosecutors are moving to seize about $330 million held...

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