Friday 29 Mar 2024
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KUALA LUMPUR (Sept 25): Red Granite Pictures, which has been linked to the global 1Malaysia Development Bhd (1MDB) probe, has paid off the balance of its US$60 million (about RM248 million) settlement with the US government after Red Granite reached a deal with federal prosecutors in March, Variety reported today.

Variety, quoting Red Granite's statement, reported that under the agreement, Red Granite did not admit wrongdoing and promised to pay the settlement amount in three installments over the course of nearly a year. It was reported that Red Granite, which produced the movie “The Wolf of Wall Street”, has now paid the final installment four months ahead of schedule, officially ending the case.

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

Variety quoted Thom Mrozek, a spokesman for the U.S. Attorney’s Office in Los Angeles as saying: “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.”

Variety, quoting an industry source, reported Red Granite borrowed money from Brevet Capital to finance the settlement. It was reported that the funds will ultimately be returned to the Malaysian government, once certain processing fees are paid.

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