J.P Morgan sued for fraud by 1MDB
Tension is in the air as US-based financial services company, J.P Morgan is being probed by 1MDB for fraud.
1Malaysia Development Berhad is a Malaysian government-owned development company that was established solely to aid strategic and long-term economic development initiatives for Malaysia through foreign partnerships and investments.
All eyes are on financial services company, J.P Morgan after it was enlisted as one of the companies being sued by 1MBD for fraud and fraudulent intentions against the 1MDB.
1MDB has filed 22 law suits against J.P Morgan and other companies with the aim of recovering Malaysian assets worths over $23 billion alledgedly in the wrongful possesion of J.P Morgan and these other companies.
J.P Morgan is yet to address the allegations.