The US Department of Justice is probing Germany's Deutsche Bank over its involvement in the 1MDB scandal., the probe will look into whether Deutsche Bank violated foreign-corruption or anti-money-laundering laws when it helped 1MDB raise US$1.2 billion in 2014The first loan of US$250 million was disbursed in May 2014 and by June 3, 2014, at least US$142 million allegedly ended up in personal bank accounts of fugitive businessperson Jho Low.
The second loan for US$975 million was applied for under the pretence of buying back share options from Aabar Investments PJS, a subsidiary of Abu Dhabi's International Petroleum Investment Company .A significant sum from this loan was used to"cover the hole" in 1MDB's subsidiary Brazen Sky Limited, which claimed to have US$2.
This was achieved by recycling the Deutsche Bank loan through a network of transactions that made it appear as if Brazen Sky was progressively redeeming the fund units for cash when they were the same money going in circles.Malaysiakini detailed the complex cycle in our microsite
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