Authorities In Singapore And Switzerland Seize Assets Connected To Red Granite Financier

Assets totaling S$240 million have been seized by the Singapore authorities as part of investigations into transactions linked to scandal-hit Malaysian state fund 1MDB, the Attorney General’s Chambers (AGC), Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS) said in a joint statement on Thursday (July 21).

Malaysian Prime Minister Najib Razak pledged his government’s cooperation in the U.S. Justice Department investigation.

. The Department of Justice alleges that Red Granite Pictures, which made “The Wolf of Wall Street“, used more than 100 million dollars of funds unlawfully diverted from the Malaysian government to make the Martin Scorsese movie.

The funds allegedly embezzled and laundered into the United States were purportedly used to buy luxury properties in New York, Los Angeles and London, paintings by Vincent Van Gogh and Claude Monet, a US$35 million jet, as well as to pay for gambling debts in Las Vegas.

The joint statement by Singapore’s central bank, police and attorney general marked the first time authorities in the city-state revealed detailed findings since launching investigations previous year. About half of that belonged to the financier Jho Low and his immediate family, according to the statement from Singapore.

The money the government wants to recover – including $392 million profit from The Wolf of Wall Street – reflects the amount it was able to trace through the USA financial system.

Malaysia’s government should allow an independent commission investigate corruption claims outlined by the Justice Department, said Wan Azizah, who is the wife of jailed Malaysian opposition leader Anwar Ibrahim.

Former premier Mahathir Mohamad said there “can be no doubt” that Najib was responsible for 1MDB’s finances.

1MDB, or 1Malaysia Development Berhad, was launched by Najib in 2009 to invest in economic development projects.

Najib has moved to suppress information, neuter Malaysian investigations, and oust officials questioning 1MDB’s activities.

His spokesman stressed Thursday that Malaysian authorities had previously found no wrongdoing, while pledging to cooperate with any global inquiries.

“As the Prime Minister has always maintained, if any wrongdoing is proven, the law will be enforced without exception”, the spokesman said.

But they refer to “Malaysian Official 1“, described as a “high-ranking official” with control over 1MDB and who was the “ultimate beneficiary” of a Malaysian bank account full of allegedly misappropriated funds.

Apandi’s office, after investigating the $681 million bank deposit, announced in January that the funds were a donation from the Saudi royal family.

Najib already has admitted receiving $681 million in past deposits to his personal accounts after they were exposed previous year by the Wall Street Journal.

“The Wolf of Malaysia, cheating the people out of their money”.

Political analysts say only a revolt within the ruling United Malays National Organisation (UMNO) appears able to dislodge Najib.

Najib faced new calls to step aside. It even led the 91-year-old former Malaysian prime minister Mahathir Mohamad to travel the country collecting signatures calling for the removal of his erstwhile protege, Mr Najib.