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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!