‘The Wolf of Wall Street’ Funded Using Economic Development Fund

In The News

U.S. Justice Department announced that overseers of an economic development fund “1MDB” had plundered taxpayer funds in financing personal assets including: “The Wolf of Wall Street” movie, artworks by Vincent Van Gogh and Claude Monet, high-end real estate, Las Vegas gambling debts, rented luxury yachts, and bought a $35 million private jet.

The fund worth $3.5 billion was originally meant to benefit the Malaysian economy during 2009-15, Malaysia however have not profited from the film.

In attempt regain $1 billion of the laundered American bank money the Justice Department have sought court action.

However, there is correlation between the banking system, monetary and fiscal policies leading to blunder, see my articles on Artist Accused of Wasting Tax Revenue or Blunder or Plunder?

All of the money went toward public officials, their relatives and associates, with little mention in the main Malaysian newspapers.

Featured image supplied free from Pixabay.

Copyright © 2016 Zoë-Marie Beesley

Creative Commons License Licensed under a Creative Commons Attribution 4.0 International License.

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