A US Court has dismissed an arrest warrant and forfeiture proceedings over client funds held by Clyde & Co which it claims are linked to money-laundering.
March 10, 2021 at 10:54 AM
1 minute read
Reporter
A U.S. court has overturned an arrest warrant made by the U.S. Department of Justice over millions of dollars of funds held by U.K. law firm Clyde & Co in an escrow account.
The DOJ had claimed that the sum of $300 million, which was being held by the U.K. firm in an account on behalf of its client PetroSaudi, was in fact “traceable to an international conspiracy” known as the 1 Malaysia Development Berhad (1MDB) scandal.
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