On 7 February, the Guardian reported that the US DoJ has served an arrest warrant on a top London law firm, Clyde & Co, in an effort to seize hundreds of millions of dollars – alleged to be the proceeds of a major international fraud – which it is holding on behalf of a client. The warrant, signed by a US federal judge, identified the “defendant” as the $330 million held by Clyde & Co in a bank account at a NatWest branch in the City.  The DoJ alleges the money is derived from a complex fraud against the Malaysian state investment fund 1MDB, which embezzled more than $4billion from the fund and laundered money to pay bribes and finance lavish lifestyles of its alleged perpetrators.  The money is said to linked to PetroSaudi, a little-known oil company established by the Saudi businessman Tarek Obaid with a member of the Saudi royal family.  Obaid was charged last year in Malaysia in connection with the alleged fraud, but has consistently denied any wrongdoing.


I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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