Malaysian Scandal – Attorney Peter C. Rages Helping Investors Recover Losses
US authorities are investigating the $3.2 billion purchase of a US energy company by a Middle Eastern government investment fund that was arranged by GOLDMAN SACHS GROUP, INC. The government alleges the fund-1MALAYSIA DEVELOPMENT Bhd had several billion dollars misappropriated from it.
Funds allegedly stolen from 1MDB were funneled via a series of bank accounts and shell companies to partly finance the purchase of COASTAL ENERGY, a Houston firm controlled by Texas oilman Oscar Wyatt JR .Coastal was represented in the deal by Citigroup, Inc., which advised its clients to tread carefully. The Justice Dept. is interested in the Coastal deal.
We found the article below very interesting,
U.S. Lawsuit Links $2.2 Billion Deal to Malaysian Scandal
The U.S. Justice Department, in an asset seizure lawsuit dated Wednesday, provided detailed allegations that in 2013 and 2014 funds allegedly stolen from 1MDB were funneled via a series of bank accounts and shell companies to partly finance the purchase of Coastal Energy, a Houston firm controlled at the time by legendary Texas oilman Oscar Wyatt Jr. The lawsuit seeks to seize proceeds from the Coastal deal, but not Coastal assets.
The Coastal deal involved many people believed by investigators to be involved in the alleged schemes to defraud 1MDB: The buyer was a joint venture between a company owned by Abu Dhabi sovereign-wealth fund International Petroleum Investment Co., or IPIC, and a shell company controlled by Jho Low, a Malaysian financier, according to the Justice Department asset seizure lawsuit. Goldman advised the IPIC unit that paid nearly all of the purchase price, read full article here
If you have been affected in the Malaysian Scandal, please contact our Securities Law Firm Today! The attorneys at Peter C. Rageas, specialize in investment and securities fraud, and we can help you recover losses! Please call us today at 313-334-7767 for a FREE case evaluation.