DOJ Resolves Various Forfeiture Cases on Proceeds From 1MDB Scheme
DOJ reached a deal with the former general counsel of 1Malaysia Development Berhad, "Jasmine" Loo Ai Swan, to recover artwork by Pablo Picasso and a Switzerland-based financial account linked to funds allegedly taken as part of the 1MDB scheme, DOJ announced. The agency also obtained forfeiture orders on assets bought with proceeds from the scheme by Low Take Jho, also known as Jho Low, including diamond jewelry and artwork from Picasso, Vincent Van Gogh and Claude Monet, the agency said.
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The scheme saw over $4.5 billion laundered from 1MDB, Malaysia's former investment development fund, and as part of the scheme, a former Goldman Sachs executive was sentenced to 10 years in prison for violating the Foreign Corrupt Practices Act (see 2303090048). In the past few months, DOJ has repatriated hundreds of millions of dollars from the scheme to Malaysia and settled forfeiture cases with former Malaysian bankers (see 2406270019).
DOJ brought forfeiture cases against assets acquired by Low and Loo, which allegedly were taken from 1MDB during the 2009-2015 period. The deal with Loo, which doesn't release any criminal claims against the fund's former counsel, settles the forfeiture case on the Picasso pieces and Swiss bank account, collectively valued at around $1.8 million, DOJ said.
The forfeiture of the artwork and jewelry supposedly bought by Low, valued at almost $85 million, settles three other forfeiture cases. Low faces criminal charges in New York for conspiracy to launder billions of dollars from the 1MDB scheme and conspiracy to violate the Foreign Corrupt Practices Act.