Hornbill Unleashed

July 14, 2017

‘Snowden’ executive producer to oversee 1MDB-linked Red Granite

Filed under: Politics — Hornbill Unleashed @ 8:01 AM

Douglas-Hansen2The executive producer of a movie on United States fugitive Edward Snowden has been appointed to oversee Red Granite Pictures, which is linked to funds allegedly embezzled from 1MDB.

According to Hollywood Reporter, Douglas Hansen will keep business running at the company for 30 days to start while it continues settlement talks with the US government stemming from a Malaysian embezzlement investigation.

Hansen is the former president of Endgame Entertainment, which had co-produced “Snowden”, a biographical political thriller film directed by Oliver Stone. The movie was released last year.

Hansen will examine the company’s books as Red Granite works with the US Attorney’s office to resolve allegations that it used funds embezzled from 1MDB to produce at least three films – “The Wolf of Wall Street”, “Daddy’s Home” and “Dumb and Dumber To”.

It was reported on Tuesday that the US was seeking to seize Red Granite’s portion of the proceeds from those films as part of a much broader effort to recoup funds allegedly stolen from 1MDB.

US prosecutors and Red Granite had previously agreed to the appointment of an “independent operational fiduciary,” who will be able to examine the company’s books and oversee transactions for a period of at least 30 days.

Among Hansen’s responsibilities will be “maximising Red Granite’s value as a going concern” as well as to “preserve and protect Red Granite’s assets pending a settlement among the parties or further order of the court”.

His appointment is also “designed to support Red Granite’s ongoing business operations and provide reassurance to Red Granite’s business partners”, according to court documents.

Hansen, who will be paid by Red Granite, is expected to be appointed within the next week.

Red Granite, whose CEO Riza Aziz is the stepson of Prime Minister Najib Razak, has always maintained that it did not knowingly take stolen funds.

One of Hansen’s immediate roles as overseer is to support the completion of post-production and the distribution of Red Granite’s upcoming release, “Papillon”.

The movie is a remake of the 1973 prison-escape classic of the same name, that had starred Steve McQueen and Dustin Hoffman.

“Papillon” is now in post-production, having finished all filming last December in Eastern Europe.

Meanwhile, in a statement issued yesterday, Red Granite said: “As ongoing, productive settlement discussions continue, Red Granite‘s management team will be working alongside Hansen and cooperating fully with the Justice Department to facilitate a resolution of this case so it can put the matter behind it.”

Source : FMT Online


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