Dicaprio’s Picasso faces court seizure

THE US Justice Department has moved to seize a Picasso painting given to Leonardo Dicaprio and the rights to two Hollywood films, among half a billion dollars in assets stolen from an investment fund established by Malaysia’s prime minister.

The filing in a US district court in Los Angeles was the Justice Department’s latest step over an alleged conspiracy to launder money misappropriated from the 1Malaysia Development Berhad fund (1MDB), which was set up by Najib Razak in 2009 to promote economic development.

In its civil actions, the Justice Department alleged that more than $4.5billion was taken from 1MDB by fund officials and their associates. 1MDB said yesterday that it was not a party to the suit.

Mr Najib has denied taking money from 1MDB, after nearly $700 million was allegedly traced to his bank accounts. Dicaprio has not been accused of any crime.