In a statement, DoJ said it has settled its civil forfeiture cases against assets acquired by Khadem al-Qubaisi using funds allegedly misappropriated from 1MDB and laundered through financial institutions in several jurisdictions, including the United States, Switzerland, Singapore and Luxembourg.

Abu Dhabi’s International Petroleum Investment Company (IPIC), of which al-Qubaisi was the managing director, had guaranteed bonds for 1MDB in 2012, arranged by Goldman.

Al-Qubaisi is reported to have been sentenced to prison for 15 years in 2019.

The latest settlement means the US will have recovered or assisted in the recovery of nearly US$1.1 billion in assets associated with 1MDB, the largest civil forfeiture ever concluded by the agency, the DOJ said.

The Atlantic Property Trust, which oversees the assets at issue in these forfeiture actions, has agreed to forfeit all assets subject to pending forfeiture complaints in which they have a potential interest.

The trustee, who is the wife of al-Qubaisi, is also required to cooperate and assist DoJ in the orderly transfer, management and disposition of the relevant assets, the DOJ said.

Efforts to contact the Trust were not immediately successful.

The assets subject to the settlement agreement include the sale proceeds of high-end real estate in Beverly Hills as well as a luxury penthouse in New York City that al-Qubaisi allegedly acquired with funds traceable to misappropriated 1MDB monies, the agency said.

Assistant attorney-general Brian A Benczkowski of DoJ’s Criminal Division said the settlement “sends a clear signal that the Department of Justice is committed to tracing, seizing, and forfeiting criminal proceeds that are laundered through the US financial system”.

DOJ said several related civil forfeiture complaints remain pending against assets associated with other alleged co-conspirators.

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