Malaysia Says Indonesia Returned Yacht Bought with Looted 1MDB Funds
Malaysian Prime Minister Mahathir Mohamad says Indonesia has returned a luxury yacht linked with the multi-billion dollar scandal involving sovereign wealth fund 1MDB. The yacht, dubbed Equanimity, was seized by Indonesian authorities off the resort island of Bali in February at the request of the U.S. Justice Department, which claims a total of $4.5 billion was looted from 1MDB. The Cayman Islands-registered vessel, believed to be worth $250 million, was bought by Malaysian financier Low Taek Jho, who U.S. officials say bought the luxury boat with stolen 1MDB funds. Prime Minister Mahathir thanked Indonesia for the return of the luxury yacht in a Facebook post Monday. A spokesman for Mahathir says the yacht will arrive in Malaysia in 48 hours. The U.S. Justice Department says some of the $4.5 billion stolen from 1MDB landed in the personal bank accounts of former Prime Minister Najib Razak, who created the state-owned fund...
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