KUALA LUMPUR (Dec 13): Malaysia will repatriate more than US$30 million (RM122.92 million) worth of high-value artwork purchased by former 1Malaysia Development Bhd (1MDB) associate Jasmine Loo, following discussions with US law enforcement authorities, the Malaysian Anti-Corruption Commission (MACC) said.
The 12 artwork, which include works by Pablo Picasso, Joan Miró, Henri Matisse, William Bailey and Alexander Calder that are currently under the watch of the US Department of Justice (DOJ), were held by Christie’s and Sotheby’s in the US, the anti-corruption agency said in a statement on Saturday.
The agreement followed bilateral meetings between Malaysian officials, the US Federal Bureau of Investigation (FBI) and the DOJ in Washington DC and New York on Dec 9 and 11, aimed at strengthening cooperation on investigations and asset recovery related to 1MDB, the MACC said.
The discussions also covered mutual legal assistance processes and efforts to trace and recover other 1MDB-linked assets still held overseas.
Jho Low’s Singapore assets not included
US authorities had informed Malaysia that assets linked to fugitive Low Taek Jho, also known as Jho Low, remain in Singapore and are not covered under existing US settlement agreements. No value was mentioned in the MACC statement.
Assets located in Hong Kong, Singapore and France have already been disposed of, with proceeds to be transferred to the US, according to the statement.
The meetings also touched on related cases involving former Goldman Sachs banker Tim Leissner, PetroSaudi executives, film producer Riza Aziz and law firm White & Case.
Discussions also touched on the case of US rapper Pras Michel, who was sentenced to 14 years in prison for offences involving US$120 million, part of which was linked to 1MDB and related shell companies.
US authorities reaffirmed their commitment to cross-border cooperation to trace, seize and recover remaining 1MDB-linked assets, the MACC said.
Art pieces to be repatriated include Picasso's L’Ecuyère et les clowns (1961), Miró's Composition (1953), Bailey's Still Life (b. 1930), Calder's Studies for Sculpture (1898-1976), and Matisse's Femme Assise (1869-1954), the statement said.
Discussions were led by MACC special operations division senior director Datuk Mohamad Zamri Zainul Abidin and were attended by National Financial Crime Centre director general Datuk Seri Shamshun Baharin Mohd Jamil as well as the deputy public prosecutor from the Attorney General’s Chambers, Norinna Bahadun.
US officials present include FBI attaché to Malaysia Varinder Singh, FBI section chief Spencer Horn Chris Padurano and assistant special agent in charge Paul Roberts.