Malaysia has charged, Riza Aziz, stepson of former prime minister Najib Razak, with 5 counts of money laundering.
On Friday, Malaysia charged Riza Aziz, the co-founder of Hollywood production studio Red Granite Pictures that produced the Oscar-nominated film “The Wolf of Wall Street,” with five counts of money laundering.
Malaysia has alleged that, Aziz the stepson of former prime minister Najib Razak, misappropriated $248 million linked to state fund 1Malaysia Development Berhad (1MDB).
According to prosecutors, Riza received a total of $248 million as a result of misappropriation of 1MDB funds, charges that Riza has pleaded not guilty to.
Each charge carries a penalty of up to $1.21 million (5 million ringgit), and a maximum jail term of five years, or both.
A Malaysian court has granted Riza bail at 1 million ringgit and has asked him to surrender his passports.
According to the U.S. Justice Department, a total of $4.5 billion was misappropriated by high-level officials at 1MDB and their associates between 2009 and 2014.
Incidentally, 1MDB is being investigated in at least 6 countries following allegations of graft and money laundering charges.
U.S. prosecutors have stated, Red Granite had financed three films using funds they suspect were stolen from 1MDB.
In September 2017, Red Granite had paid the U.S. government $60 million to settle a civil forfeiture claim over the rights to “The Wolf of Wall Street”.
($1 = 4.1340 ringgit)
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