In 1mdb S Rm1b Civil Suit Against Riza Aziz Court Told Funds Siphoned Out Were Used For Gambling And Producing Movies

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Counsels acting for 1Malaysia Development Berhad (1MDB) in its civil suit against Riza Shahriz Abdul Aziz, the stepson of Datuk Seri Najib Razak, said a total of US$248 million (RM1.07 billion) funds siphoned out were used to pay for gambling expenses among others.
(MMO) – The suit is in relation to a civil forfeiture claim against Riza Aziz and his two companies — Red Granite Pictures Incorporated (RGP) and Red Granite Capital (RGC) Limited — that is being heard before the High Court.
In the plaintiff’s opening statement, 1MDB said billions of Malaysian ringgit were siphoned out of 1MDB’s funds through various artifices, devious devices and plain old deceit that deceived and misled various innocent third parties which came to be known worldwide as the 1MDB Scandal.
“The Malaysian public and indeed the world came to know in the middle of 2016 of one of the largest cases of kleptocracy ever after the filing of civil forfeiture claims by the United States Department of Justice against various individuals and entities.
“The 1MDB Scandal involved several individuals including the individual known as Low Taek Jho, known popularly as Jho Low, who was associated with Najib and Riza Aziz who is the first defendant in this action.
“As regards the plaintiffs’ claims herein, the plaintiffs contend that the defendants knowingly received funds in circumstances that the funds had been misappropriated from 1MDB and dishonestly assisted in the breaches of fiduciary duty or breaches of trust by Jho Low,” the statement prepared by 1MDB’s solicitor Messrs Shearn Delamore reads.
Among others, 1MDB contended the sum of USD$248 million it was claiming were ultimately used for the personal benefit of Riza Aziz and his associates to fund RGP’s motion pictures, purchase real estates and movie memorabilia; and pay for gambling expenses.
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The post In 1MDB’s RM1b civil suit against Riza Aziz, court told funds siphoned out were used for gambling and producing movies appeared first on Malaysia Today.

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