Date
21 July 2017
Riza Aziz, the stepson of Malaysian PM Najib Razak, has seen his property purchases come under the scanner following a scandal involving state investment fund 1MDB. Credit: WSJ
Riza Aziz, the stepson of Malaysian PM Najib Razak, has seen his property purchases come under the scanner following a scandal involving state investment fund 1MDB. Credit: WSJ

Najib stepson bought London house with 1MDB funds: report

Riza Aziz, a film producer and stepson of Malaysian Prime Minister Najib Razak, is suspected to have bought a US$34 million house in central London in 2012 with money originating from the troubled state investment fund 1Malaysia Development Bhd. (1MDB).

Investigators believe that money from 1MDB was used for the purchase of a redbrick four-story house in London’s exclusive Belgravia neighborhood, the Wall Street Journal reported, citing people familiar with the matter. 

The house, purchased for 23.25 million pounds, is a short walk from Malaysia’s diplomatic mission in the city.

The registered owner of the house is Qentas Holdings, a company based in the British Virgin Islands. Najib’s stepson is the beneficial owner, according to the report.

The Wall Street Journal previously reported that Aziz used money that originated from 1MDB to buy US$50 million worth of properties in New York and Los Angeles and to finance the 2013 movie “The Wolf of Wall Street”.

Money used to buy the properties in London and the US was part of at least US$238 million that was transferred to an offshore firm owned by Aziz called Red Granite Capital from another offshore company set up to resemble an Abu Dhabi company 1MDB did business with, the Journal cited its sources as saying. 

The offshore company, Aabar Investments PJS Ltd., is said to have received more than US$3.5 billion from 1MDB over several years.

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