Friday, October 14, 2016
1MDB now linked to White House visit by Najib's relatives: WSJ
Federal investigators are looking into whether money improperly obtained from the Malaysian fund was paid to a businessman who later arranged an Oval Office visit for relatives of the Malaysian prime minister, according to people familiar with the probe.
The businessman is Frank White Jr., an entrepreneur who helped start an investment firm called DuSable Capital Management LLC, along with partners including a rap star. Mr. White has also raised funds for President Barack Obama and Hillary Clinton.
Investigators believe about US$10 million (RM$42 million) allegedly embezzled from 1Malaysia Development Bhd., known as 1MDB, flowed indirectly to Mr. White in a business deal, said people familiar with the probe.
Additionally, 1MDB paid US$69 million to buy a DuSable unit out of a deal they had agreed on to build solar-power plants, the firms said last year.
Posted by wikisabah at 4:34:00 PM