UNITED STATES—According to the United States Department of Justice, the U.S. government reached a settlement of its civil forfeiture cases against more than $49 million worth of assets acquired illegally by Khadem al-Qubaisi.

Funds were allegedly misappropriated from 1Malaysia Development Berhad (1MDB), Malaysia’s investment development fund, and laundered through financial institutions in several jurisdictions, including the United States, Switzerland, Singapore and Luxembourg. Some of the money that was obtained illegally included proceeds of high-end real estate acquired in Beverly Hills.

Along with other related forfeiture cases and this settlement, a total of $1.1 billion in assets laundered associated with 1MDB was recovered.

“Funds stolen from the people of Malaysia were used to acquire high-end properties, including residences each worth tens of millions of dollars. The cases resolved today continue to demonstrate our commitment to protecting the integrity of American financial institutions and ensuring that corrupt players cannot use our nation to conceal stolen riches,” said U.S. Attorney Nick Hanna.

From 2009 through 2015, more than $4.5 billion in funds belonging to 1MDB were allegedly misappropriated by high-level officials of 1MDB and their associates, including al-Qubaisi, involving international money laundering and bribery.

1MDB was created by the government of Malaysia to promote economic development in the country through global partnerships and foreign direct investment. Its funds were intended to be used for improving the well-being of the Malaysian people, as reported by the DOJ.

Khadem Abdullah al-Qubaisi is an Emirati businessman, who in 2015 was investigated for possible misappropriated funds in connection with 1Malaysia Development Berhad.