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Tags: malaysian | fugitive | financier | money | superyacht | 1mdb

US to Recover Monet, Superyacht From Fugitive Financier

US to Recover Monet, Superyacht From Fugitive Financier
Equanimity, the 300-foot luxury yacht worth $250 million that belonged to Jho Low, a flamboyant international financier who allegedly played a central role in the 1MDB controversy that has engulfed former Malaysia Prime Minister Najib Razak, arrives in Port Klang outside of Kuala Lumpur. (Getty Images/2018 file)

Wednesday, 26 June 2024 12:37 PM EDT

Jho Low, the fugitive Malaysian financier, will forfeit more than $100 million including a luxury Paris apartment and works by Claude Monet and Andy Warhol to settle civil forfeiture cases over his role in the 1MDB bribery and embezzlement scandal.

The U.S. Department of Justice announced the forfeiture on Wednesday, after U.S. District Judge Dale Fischer in Los Angeles approved a consent agreement with Low and his family on Monday.

The forfeited assets are in addition to nearly $1 billion, including a $120 million "superyacht," that Low and his family previously forfeited.

Low still faces criminal money laundering and bribery conspiracy charges in Brooklyn, New York, over 1MDB, a sovereign wealth fund also known as 1Malaysia Development Berhad.

U.S. and Malaysian authorities have said more than $4.5 billion was looted from 1MDB between 2009 and 2015, with some money sent to offshore bank accounts and shell companies linked to Low.

The financier had helped former Malaysian Prime Minister Najib Razak set up 1MDB to promote economic development.

Goldman Sachs, which helped 1MDB sell bonds, reached a $2.9 billion settlement in 2020 of a U.S. criminal case concerning 1MDB. The bank is not part of the civil forfeiture.

Lawyers for Low did not immediately respond to requests for comment.

The Justice Department said Low paid about $35 million for Monet's "Vetheuil au Soleil," Warhol's "Colored Campbell's Soup Can (Emerald Green), 1965" and the Paris apartment.

Low and his family will also give up $67 million of real estate and bank accounts in Hong Kong, Singapore and Switzerland.

The Justice Department said it has helped return to Malaysia more than $1.5 billion associated with 1MDB, in the department's largest-ever civil forfeiture case.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
Jho Low, the fugitive Malaysian financier, will forfeit more than $100 million including a luxury Paris apartment and works by Claude Monet and Andy Warhol to settle civil forfeiture cases over his role in the 1MDB bribery and embezzlement scandal.
malaysian, fugitive, financier, money, superyacht, 1mdb
280
2024-37-26
Wednesday, 26 June 2024 12:37 PM
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