Saudi Businessman Tests U.S. Jurisdiction Over 1MDB-Linked Asset
- Appeals court to decide if forfeiture case belongs in L.A.
- Tarek Obaid allegedly bought Palantir shares with 1MDB funds
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Federal prosecutors in Los Angeles have been working for three years to recover assets around the world that were allegedly acquired with billions of dollars stolen from Malaysia’s 1MDB fund by people associated with former prime minister Najib Razak.
But the question of whether the civil forfeiture lawsuits for overseas assets, acquired by foreigners with Malaysian money, actually belong in a Southern California courtroom has yet to be resolved.