NYC’s Park Lane Hotel Stake Sold as Part of 1MDB Recovery

  • Nation Premium
  • Thursday, 07 Feb 2019

NEW YORK (Bloomberg): A stake in New York’s Park Lane Hotel has been sold to an Abu Dhabi sovereign wealth fund as part of the U.S. Justice Department’s efforts to recover billions of dollars that flowed through Malaysia’s scandal-plagued 1MDB investment fund.

Roughly $140mil (RM572mil) for the interest in the hotel, which sits on Central Park South between Fifth and Sixth avenues near Manhattan’s Billionaires’ Row, was transferred to the U.S. government around Dec 10, said Thom Mrozek, a spokesman for the U.S. Attorney’s office in Los Angeles. A representative for the buyer, Abu Dhabi’s Mubadala Investment Co., declined to comment.

Article type: metered
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Nation

Johor polls: Muhyiddin may not defend Gambir seat Premium
Melaka Bomba rescues two-year-old boy who locked himself and baby cousin in car Premium
RM4mil allocated for intellectual property filing fund 2.0 Premium
PBM looking to take on Pakatan Harapan in Penang during GE15 Premium
Sg Petani boy gains Internet fame with his slick reporting style Premium
Covid-19: Unvaccinated kids won’t face restrictions but please get them jabbed, says KJ Premium
MACC detain two for questioning in littoral ship corruption case Premium
Covid-19: Number of infections in educational institutions at a worrying level, says Melaka state health director Premium
Dr M regaining appetite and his sense of humour, says Marina Premium
Johor polls: Umno not afraid of Muda joining the fray, says Ahmad Maslan Premium

Others Also Read