KUALA LUMPUR – The United States’ Justice Department’s agreement with wanted fugitive businessman Low Taek Jho will “forever resolve” the nation’s hunt for forfeiture of assets said to be linked with national sovereign wealth fund 1Malaysia Development Bhd (1MDB).
The global settlement is said to be a final chapter to the years-long asset forfeiture campaign mounted against Low, who is commonly known as Jho Low, due to his role in the 1MDB international financial scandal, Channel News Asia reported.
Citing documents it reviewed, the news agency said the agreement would “forever resolve US’ civil, criminal, and administrative asset forfeiture actions or proceedings relating to the disposition” of 1MDB-linked assets.
The documents and sources also said that the Justice Department had earlier this month signed a “confidential agreement” as part of a fresh settlement plan with Low’s family lawyer Robin Rathmell of law firm Kasowitz Benson Torres and their financial trustees.
The agreement, which is said to detail the surrendering of assets previously identified by authorities and those not previously claimed by prosecutors around the globe, also “takes into account (Low’s) preference for the US to handle negotiations with Malaysia, Singapore, Switzerland, France and other foreign countries that have restraining orders in place.”
The agreement “sets forth the procedure for the liquidation and transfer of net liquidated proceeds to Malaysia” and notes that it “does not release any entity or individual from filed or potential criminal charges.”
The agreement is understood to be linked with the Justice Department’s announcement on June 26 that it would be recovering from Low an additional US$100 million (RM471 million) allegedly embezzled from 1MDB.
It was reported then that artworks by Andy Warhol and Claude Monet, along with a luxury apartment in Paris, would be liquidated and assets worth US$67 million returned to Malaysia, with prosecutors alleging that the assets are linked to cash raised for 1MDB in 2012 and 2013.
The assets will supplement some US$1.4 billion (RM6.6 billion) already returned with Washington’s help. In total, over US$4.5 billion was allegedly stolen from 1MDB.
US and Malaysian prosecutors allege the ill-gotten gains lined the pockets of a few powerful individuals and were used to buy assets including luxury real estate, a private jet and expensive artwork.
Following the 2018 Malaysian general election, the Pakatan Harapan government has issued arrest warrants against Penang-born Low, who is said to be the mastermind behind the 1MDB scandal. – June 28, 2024