Red Granite pays off RM248m settlement in 1MDB-linked case

(Sun Daily) – Red Granite Pictures has paid off the balance of its US$60 million (RM248 million) settlement with the US government, US magazine Variety reported today.

The settlement was said to have brought an early end to its legal case involving funds from 1MDB.

The production company behind “The Wolf of Wall Street” and “Daddy’s Home” reached a deal with federal prosecutors in March, the report said.

Under the agreement, the company did not admit wrongdoing and promised to pay the settlement amount in three instalments over the course of nearly a year.

“Red Granite paid its obligation to the government in full,” the company said in a statement. “The company is pleased to put this matter behind it”.

“This case was resolved to the satisfaction of both sides with the payment of US$60 million, which fell squarely in the estimated valuation of Red Granite Pictures, as determined by an outside expert,” said Thom Mrozek, a spokesman for the US Attorney’s Office in Los Angeles.

The company is owned by Riza Aziz, stepson of former prime minister Datuk Seri Najib Abdul Razak. It was accused of receiving more than US$100 million of funds stolen from 1MDB.