‘Wolf of Wall Street’ producer to ‘refund’ 1MDB money?

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Accused of producing a movie with allegedly stolen 1MDB money, the Wolf of Wall Street producer and its lawyers along with US Justice Department on Tuesday has asked federal judge in Los Angeles to extend a deadline in the lawsuit so that they can ‘focus on their ongoing negotiations.’

Lawyers for Red Granite Pictures Inc, an American film production and distribution company, co-founded by Riza Aziz and Joey McFarland in 2010, said they were in talks with the DOJ to settle the lawsuit.

It is possible that the only way to settle the lawsuit is for Red Granite to return the 1MDB money.

Lawyers for Red Granite asked a federal judge in Los Angeles to extend a deadline in the lawsuit.

The case against the 2013 Martin Scorsese picture is part of more than a dozen forfeiture lawsuits the US filed last year against over US$1 billion in assets allegedly acquired with money stolen from 1Malaysia Development Bhd.

The assets include mansions in Beverly Hills, California, luxury condos in New York, and art work.

The Justice Department is seeking the profits, royalties and distribution proceeds that are owed to Red Granite Pictures.

The movie starring Leonardo DiCaprio took in US$392 million in worldwide ticket sales, according to website BoxOfficeMojo.

It is said the cost of production was US$100 million, which will not be too much for Red Granite to ‘refund’ as it will still be left with a hefty profit!

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