M’sian Fugitive Jho Low Agrees Deal With US Justice Dept to Return Over RM470 MILLION in Funds Linked to 1MDB Scandal

Following the shockwaves caused by various allegations made as part of the 1Malaysia Development Bhd scandal, Malaysian financier Jho Low’s whereabouts were unknown.

Last year, various reports alleged that Low was hiding somewhere in Macau and avoiding his arrest.

However, in a breaking development recently, it was reported that the US Justice Department had reached a deal to recover more than US$100 million (RM472 million) in funds, including artworks by Claude Monet and Andy Warhol, linked to the multi-billion-dollar scandal.

The department announced that it had reached an agreement with Jho Low, members of his family, and trust entities to resolve two civil forfeiture cases.

The department previously brought cases against assets that it alleges were acquired by Low and his family using funds allegedly embezzled from the troubled sovereign investment development fund.

It was reported that Low also agreed to cooperate in transferring to Malaysia certain other assets located in Hong Kong, Switzerland, and Singapore that are linked to 1MDB funds.

"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 (RM165 million) in total,” according to the statement.

"In addition, parties agreed to return to Malaysia real property and cash in bank accounts valued at approximately US$67 million (RM316 million) located in Hong Kong, Switzerland, and Singapore.”

Low still faces criminal money laundering and bribery conspiracy charges in Brooklyn, New York, over 1MDB.

Meanwhile, the Justice Department said it has helped return to Malaysia more than US$1.5 billion (RM7 billion) associated with 1MDB in the department's largest-ever civil forfeiture case.

---

Feature Image Credit: New York Times, finews.asia, Claude Monet