Tuesday 26 Sep 2023
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KUALA LUMPUR (Sept 12): Former 1Malaysia Development Bhd (1MDB) general counsel Jasmine Loo Ai Swan is set to give up a pencil on paper drawing entitled “Trois Femmes Nues et Buste D’Homme” by Pablo Picasso, along with funds and assets, including securities and investments, on deposit in a Swiss Falcon Bank account.

This has been listed by the US’ Money Laundering and Asset Recovery Section (MLARS) in a court filing.

MLARS has previously filed related complaints, among others seeking civil forfeiture of Wall Street motion picture rights and profits, the Viceroy L’Ermitage Beverly Hills, a Bombardier Global 5000 jet aircraft, a drawing by Vincent van Gogh titled “La maison de Vincent à Arles”, a painting by Claude Monet titled “Saint-Georges Majeur”, and title to the yacht Equanimity.

In the filing dated Aug 28, 2023, MLARS said this is a civil action in rem to forfeit assets involved in and traceable to an international conspiracy to, among other things, launder money misappropriated from 1MDB.

It stated that on or around July 1, 2014, Affinity Equity, a shell corporation, also sent US$999,975 directly to an account controlled by Loo at Falcon Bank in Switzerland, held in the name of River Dee International SA.

MLARS said Loo represented to Falcon Bank that this incoming remittance was in connection with a joint venture that River Dee had just entered into with Affinity Equity for “joint investments”.

The agency said Loo used funds traceable to the misappropriated proceeds to acquire the Picasso drawing.

It said in May 2014, the Christie’s auction house in New York invoiced Loo some US$1.38 million for the painting, and that Loo wired US$1.38 million from her personal account at BSI Bank in Singapore to an account at Christie’s to complete her purchase.

Earlier this month, it was reported that Loo is currently being investigated by the Malaysian Anti-Corruption Commission (MACC) for alleged involvement in corruption and money laundering, according to MACC chief commissioner Tan Sri Azam Baki.

MACC investigating officers had been recording statements from Loo, who is currently under police custody.

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