LOS ANGELES: The production company behind “The Wolf of Wall Street” has confirmed to pay $60 million to the US government to resolve claims it benefited from a massive Malaysian corruption misconduct.
The settlement between prosecutors and Red Granite Pictures Inc. was accepted in US District Court on Thursday in Los Angeles.
The case was part of an effort to retrieve more than $1 billion prosecutors stated was robbed from 1MDB, a Malaysian-owned investment fund. The Department of Justice mentioned that the complex money laundering scheme was deliberate to enrich top-level officials of the fund, including some close to Malaysian Prime Minister Najib Razak.
Money was redirected from the fund to buy properties in New York and California, a $35 million jet, art by Vincent Van Gogh and Claude Monet, and a $260 million yacht.
Further it also went to fund movies by Red Granite Pictures, for which the stepson of Razak is a co-founder.
The funds financed the Martin Scorsese-directed “The Wolf of Wall Street,” which casted Leonardo DiCaprio in a film about the surplus of a crooked stock trader. The settlement also included forfeiture claims to the rights of “Dumb and Dumber To” and “Daddy’s Home.”
The film production company mentioned in a statement that it was happy to put the matter behind it so it could concentrate on film making.
The 1MDB case is the biggest single action the Justice Department has taken under attempt to retrieve foreign bribery proceeds and embezzled funds and several other lawsuits are pending. Other countries including Switzerland and Singapore are conducting probes.
more recommended stories
Guide to the Manta and Devil Rays of the World : Today’s Trending Book
This captivating novel in Arabic.
London Arabia Art and Fashion Week sees strong impressions from Gulf designers
London Arabia Art and Fashion Week.
Paws & Claws , First Mobile Pet-Grooming Service in Saudi Arabia
JEDDAH: Paws & Claws asserts.
Book Review: Philipp Ther’s ‘Europe Since 1989: A History’
Philipp Ther is a German contemporary.