THE US Justice Department (DOJ) has reached an agreement with Low Taek Jho, also known as Jho Low, to recover more than US$100 (RM472) million linked to the multi-billion-dollar 1MDB scandal.
The deal brings an end to two civil forfeiture actions against Low, members of his family and the trust entities he established, the DOJ said in a statement.
The agreement sees the return of a luxury apartment in Paris and artwork in Switzerland by artists Andy Warhol and Claude Monet, both of which Low purchased for about US$35 million.
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.
They have also agreed to cooperate in the transfer to Malaysia of certain other assets located in Hong Kong, Switzerland, and Singapore that are linked to 1MDB funds.
Under the agreement, the DOJ will coordinate with foreign partners to facilitate the liquidation and return of these assets to Malaysia.
The DOJ said the US will release a total of US$3.5 million to the trust entities to pay for legal fees and costs associated with the properties.
Under the agreement, none of these fees may be returned to Low or his family members.
The department’s actions were against assets that were acquired by Low and his family using money embezzled from 1Malaysia Development Bhd..
According to the civil forfeiture complaints, from 2009 through 2015, more than US$4.5 billion belonging to 1MDB were allegedly misappropriated by high-level company officials and their associates, including Low, through a criminal conspiracy involving international money laundering and bribery.
Prior to this settlement, the US has returned or assisted in the return to Malaysia of more than US$1.4 billion in assets associated with the international money laundering, embezzlement, and bribery scheme.
Low faces separate charges in New York for allegedly conspiring to launder billions of dollars embezzled from 1MDB and for conspiring to violate the Foreign Corrupt Practices Act by allegedly paying bribes to various Malaysian and other officials.
He also faces charges in the District of Columbia for allegedly conspiring to make and conceal foreign and conduit campaign contributions during the United States presidential election in 2012.
The agreement does not release any entity or individual from filed or potential criminal charges. – June 27, 2024.
