Low family interest in Park Lane Hotel can be sold separately in 1MDB forfeiture case, judge rules

( February 21, 2017, 22:13 GMT | Official Statement) -- MLex Summary: The Low family interest in the New York Park Lane Hotel can be sold, US District Judge Dale S. Fischer ruled in the 1MDB forfeiture case. The US Justice Department and WG Partners, the hotel's manager, sought approval of a cooperation agreement that would sell only the Low interest. That interest, DOJ alleges, was purchased with funds looted from the Malaysian development fund and laundered into the US. The family of Jho Low, a Malaysian implicated in the 1MDB scheme, objected, arguing that the hotel should be sold as a whole because it believed that would protect the value of its interest. Fischer said there are sufficient checks in the cooperation agreement to protect the Low interest.See document below....

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Low family interest in Park Lane Hotel can be sold separately in 1MDB forfeiture case, judge rules

Prepare for tomorrow’s regulatory change, today

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