THE US Justice Department (DOJ) has reached a deal with former 1Malaysia Development Bhd (1MDB) general counsel Jasmine Loo Ai Swan to recover a Picasso painting and a Swiss bank account linked to allegedly stolen 1MDB funds.
In a statement, the DOJ said that additionally, it had obtained forfeiture orders on other assets allegedly purchased with 1MDB funds by fugitive Low Taek Jho (Jho Low), including diamond jewellery and artwork by Vincent Van Gogh, Claude Monet, Pablo Picasso, Jean-Michel Basquiat, and Diane Arbus.
“The agreement with Loo announced today does not release any criminal claims against her,” it said.
Together with Loo’s assets, the collective value of these assets is estimated to be nearly US$85 million (RM397 million).
“From 2009 through 2015, more than US$4.5 billion (RM21 billion) in 1MDB funds were allegedly misappropriated by high-level officials and their associates, including Low and Loo, through a criminal conspiracy involving international money laundering and bribery,” the statement read.
The statement also said the forfeiture of other artwork and jewellery allegedly purchased by Low is based on a recent settlement agreement related to real estate and artwork forfeitures in two cases.
Before this settlement, the US had in total returned or assisted in the return to Malaysia of over US$1.4 billion in assets associated with the international money laundering, embezzlement, and bribery scheme.
Low faces separate criminal charges in the Eastern District of New York for allegedly conspiring to launder billions of dollars embezzled from 1MDB and violating the Foreign Corrupt Practices Act by bribing Malaysian and Emirati officials.
Additionally, he faces charges in the District of Columbia for allegedly conspiring to make and conceal foreign and conduit campaign contributions during the 2012 US presidential election.
The DOJ said the agreement with Loo does not absolve any individual or entity from current or potential criminal charges.
The FBI’s International Corruption Squads in New York City and Los Angeles and the IRS Criminal Investigation Los Angeles Field Office are investigating the case. – July 24, 2024
