Malaysian PM’s stepson bought £23m house in London using troubled state fund 1MDB
The stepson of Malaysian Prime Minister Najib Razak reportedly bought a house in London for £23.25m using money from troubled state investment fund 1MDB.
The property located in upmarket Belgravia is registered with Qentas Holdings Ltd., a company based in the British Virgin Islands. However, sources told the WSJ that Najib's stepson, Riza Aziz, is the beneficial owner.
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Aziz used funds from 1MDB to buy $50m (£34.3m) worth of properties in New York and Los Angeles, the WSJ previously reported. He also used the cash to finance the 2013 movie “The Wolf of Wall Street.”
This was allegedly part of at least $238m that was transferred to an offshore company owned by Aziz called Red Granite Capital from another offshore company set up to resemble an Abu Dhabi company 1MDB did business with.
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1MDB is at the center of multiple probes spanning several countries over allegations of money laundering and embezzlement. The state fund was founded by Najib in 2012, and went on to amass over 42bn ringgit (£7bn) worth of debt.
Both Razak and Aziz have repeatedly denied any wrongdoing.