NatWest Beats Estimates on Signs of Growing Customer Confidence
NatWest Group Plc beat earnings estimates in the first quarter as lending and deposits increased while customers started to feel more confident.
Latest Videos
The information you requested is not available at this time, please check back again soon.
NatWest Group Plc beat earnings estimates in the first quarter as lending and deposits increased while customers started to feel more confident.
Signa Prime Selection AG has agreed to sell three Italian properties, including the Hotel Bauer, to the Schoeller Group.
Singapore home prices grew at a slower pace last quarter and rents fell, as the city-state’s property boom began to lose steam.
Hong Kong home prices rose for the first time in almost a year in March as the city’s removal of property curbs revived sales.
Greater China’s property market crisis and the challenges it poses for lenders will be on full display on Monday, when embattled developer China Vanke Co. and the region’s biggest banks report earnings.
Oct 23, 2019
Bloomberg News
,(Bloomberg) -- The London office used by Malaysian financier Low Taek Jho for his luxury lingerie company will be sold while he continues to fight U.S. claims that the property is one of many acquired with money stolen from the 1MDB investment fund.
The office, bought for 42 million pounds ($54 million) in 2014, as well as a nearby penthouse and apartment Low acquired in 2010 on Stratton Street in the upscale Mayfair neighborhood, are to be sold as part of forfeiture lawsuits federal prosecutors in Los Angeles brought against the properties in 2017. According to court filings Wednesday, the proceeds of the sale are to replace the real-estate assets as the litigation continues.
Low, commonly known as Jho Low, is the alleged ringleader of a multibillion-dollar theft from 1Malaysia Development Berhad, which was created in 2009 as a government-owned development company. The U.S. has brought 30 forfeiture lawsuits seeking real estate, investments, art and jewelry valued at $1.7 billion that Low and his accomplices bought.
The Stratton office was used by Myla, a lingerie company that Low allegedly also acquired with diverted 1MDB funds. In a 2014 email Low sent from his Myla account, he introduced a Red Granite Pictures representative to Myla executives to follow up on “any opportunities for Myla in the movie space.”
Red Granite is the movie production company co-founded by Riza Aziz, a stepson of former Malaysian Prime Minister Najib Razak. The company last year agreed to pay $60 million to settle claims that it financed Martin Scorsese’s “The Wolf of Wall Street” and other pictures with stolen 1MDB money.
Low and the Justice Department earlier this year agreed to sell some of his properties in New York and Los Angeles in so-called interlocutory sales whereby the money replaces the property as a target of the forfeiture lawsuit.
The case is U.S.A. v. Real Property of London, United Kingdom, 17-cv-04240, U.S. District Court, Central District of California (Los Angeles).
To contact the reporter on this story: Edvard Pettersson in Los Angeles at epettersson@bloomberg.net
To contact the editors responsible for this story: David Glovin at dglovin@bloomberg.net, Peter Blumberg, Joe Schneider
©2019 Bloomberg L.P.