Malaysia will sell a superyacht allegedly bought with stolen funds from state fu...
KUALA LUMPUR - Malaysia will sell a superyacht allegedly bought with stolen funds from state fund 1MDB to casino operator Genting Malaysia Bhd for $126 million, in the first major asset sale by Kuala Lumpur to recover billions lost from the fund.
Jho Low, as he is known, allegedly paid $250 million for the 300-ft yacht, which has an interior clad in marble and gold leaf, a spa and sauna, a 20-metre swimming pool, a movie theatre and helipad. The government would save $4.4 million in agent’s commission since it negotiated directly with Genting Malaysia, he added.
1MDB, founded by former prime minister Najib Razak, is being investigated by at least six countries for money laundering and corruption.
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