KUALA LUMPUR – The US Justice Department has reached an agreement with Malaysian-born businessman Jho Low, who is currently on the run, to return more than US$100 million (RM471 million) allegedly embezzled from 1Malaysia Development Bhd (1MDB).
The US also said artworks by Andy Warhol and Claude Monet, along with a luxury apartment in Paris, would be liquidated and assets worth US$67 million returned to Malaysia, BBC News reported.
Prosecutors allege the assets are linked to cash raised for 1MDB dating back to 2012 and 2013.
Wanted-fugitive Low, whose full name is Low Taek Jho, remains at large, although his whereabouts are unknown.
The assets will supplement some US$1.4 billion already returned with Washington’s help, the Justice Department said. In total, over US$4.5 billion was allegedly stolen from the state-owned fund.
The US said that as part of the agreement reached with Low, his family and the entities he established, it would coordinate with foreign countries to transfer assets held abroad to Malaysia.
The Justice Department said: “The agreement resolves the civil forfeiture action against a luxury apartment in Paris and artwork located in Switzerland by artists Andy Warhol and Claude Monet, which Low purchased for approximately US$35 million in total.
“In addition, parties agreed to return to Malaysia real property and cash in bank accounts valued at approximately US$67 million located in Hong Kong, Switzerland and Singapore.”
Low is alleged to have been at the centre of the 1MDB scandal, which saw billions of dollars from a state fund meant to help the Malaysian people go missing.
US and Malaysian prosecutors allege the money lined the pockets of a few powerful individuals and was used to buy assets including luxury real estate, a private jet and expensive artwork. – June 27, 2024