Berg Quoted on 1MDB Money Laundering Case

08 September 2016 CNBC & Bloomberg News

CNBC & Bloomberg

Special Counsel Eric Berg was quoted in a CNBC article, “What’s a Few Missing Billions Among Friends: Why Malaysia 1MDB Scandal Might Not Dent US Ties,” on September 2, 2016. The article discussed the U.S. investigation into assets allegedly siphoned from a state fund in Malaysia that has raised concerns related to Malaysia Prime Minister Najib Razik. The investigation resulted in the Department of Justice seizing more than $1 billion of assets tied to an international conspiracy to launder funds from 1MDB. Berg commented on the legal issues and unlikelihood of the U.S. government returning funds. He said the U.S. government is likely to look at other options, such as deploying funds to non-profits active in the assets’ home country or to find some way to invest the funds on the country’s behalf. He noted that this aspect, “certainly implicated foreign policy.”

In addition, Berg was quoted in a Bloomberg article, “Murmurs of Early Malaysia Election After Najib Weathers Storms,” on September 8, 2016. The article discussed the political landscape in Malaysia and rumors of an early election after the 1MDB scandal. Berg commented on how the case may impact an election and was quoted saying, “Given the size and complexity of the transactions, and the cross-border nature of the case, it may not be resolved quickly. There are many moving parts and the time line we are looking at would be measured in years, not months.”

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