Companies linked to the United Arab Emirates (UAE) ambassador to the US Yousef Al Otaiba reportedly received US$66 million in funds allegedly diverted from 1MDB, according to the Wall Street Journal (WSJ).

The report said two companies linked to Yousef that allegedly received part of the money totalling US$50 million, were British Virgin Islands-based Densmore Investments Ltd and UAE-based Silver Coast Construction & Boring LLC.

Both companies first came to public attention during a trial in Singapore in January, where errant bankers who failed to curb the laundering of 1MDB-linked funds were prosecuted.

The two companies were raised during the trial of the former Falcon Private Bank branch manager in Singapore, Jens Fred Sturzenegger.

Sturzenegger was later sentenced to 28 weeks in prison while Falcon Private Bank had its licence in Singapore revoked.

He was charged with failing to flag suspicious transactions, including a US$20 million transaction to Silver Coast Construction & Boring LLC and US$30 million transactions to Densmore Investment Limited.

Both transactions originated from a Falcon Private Bank account held under Granton Property Holding Ltd, controlled by Eric Tan Kim Loong, an alias of Penang-born businessman Low Taek Jho, better known as Jho Low.

According to the US Department of Justice (DOJ) civil forfeiture suit, Granton Property Holding was a partial recipient of a US$3 billion bond raised by 1MDB for its joint-venture with Aabar Investments PJS called Abu Dhabi Malaysia Investment Company (ADMIC) in March 2013...