KUALA LUMPUR (April 14): The Malaysian Anti-Corruption Commission (MACC) said four high-value pieces of artwork purchased by former 1Malaysia Development Bhd (1MDB) associate Jasmine Loo have been repatriated to the country.
The artwork, with an estimated combined value of US$198,125 (RM786,556), are now securely held at the MACC headquarters in Putrajaya, the anti-graft agency said in a statement on Tuesday.
“All the artwork have been placed in a specially designated location under strict security control and are currently undergoing an environmental stabilisation (acclimatisation) process to ensure optimal preservation prior to uncrating, authentication and valuation by the National Visual Arts Development Board,” the statement read.
The recovered artwork comprise pieces by renowned artists Joan Miró (Composition - 1953), Maurice Utrillo (Maison de rendez-vous de chasse de Henri IV, Rue St Vincent, Montmartre - 1934), Balthus (Etude pour femme couchée - 1948) and Pablo Picasso (L’Ecuyère et les clowns - 1961).
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They are part of 12 pieces of artwork linked to 1MDB worth about US$30 million (RM140 million) previously reported to be under the custody of the US Department of Justice and held by international auction houses Christie’s and Sotheby’s.
The latest recovery forms part of Malaysia’s broader asset recovery programme tied to the 1MDB case, involving close coordination between domestic authorities and international partners.
To date, Malaysia has recovered RM31.2 billion in assets linked to 1MDB, representing nearly 70% of the total identified assets, according to the MACC statement.
“Each recovered asset, including these artworks, demonstrates that there is no safe haven for illicit proceeds to be concealed, even when involving complex cross-border financial networks,” the agency said.
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