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Court approves settlement in 1MDB-related case, with claimant to get proceeds

( May 30, 2017, 22:32 GMT | Official Statement) -- MLex Summary: A US district judge approved a consent judgement in a 1MDB-related case involving a parcel of land in Beverly Hills, awarding the bulk of the proceeds to a claimant who purchased the property with no knowledge of the misappropriation alleged by the Department of Justice. Judge Dale S. Fischer ordered that the proceeds of the sale of the land, after taxes, be returned to Neil Moffitt and the limited liability company he used to acquire the lot. Moffitt bought the land from Khadem Al Qubaisi, a United Arab Emirates businessman implicated in a scheme to misappropriate and launder money from Malaysian sovereign wealth fund 1MDB. Please see attached document....

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