Malaysia is poised to recover US$30 million worth of fine art tied to the 1MDB corruption case, with 12 pieces including masterpieces by Pablo Picasso, Joan Miró, and Henri Matisse slated for repatriation. The artworks are currently held by Christie’s and Sotheby’s in the United States and are estimated to collectively exceed US$30 million. They were purchased by Jasmine Loo, a former legal adviser to the state investment fund, and have been in the custody of the U.S. Department of Justice.
Earlier this week, officials from Malaysia’s Anti-Corruption Commission (MACC), the U.S. Justice Department, and the FBI held discussions in the United States regarding asset recovery linked to the 1MDB scandal. The talks also touched on fugitive financier Low Taek Jho (Jho Low) and Pras Michel, the rapper from the Fugees, who received a 14-year prison sentence for conspiring to assist Low.
Jho Low, widely regarded as the mastermind behind the roughly US$4.5 billion 1MDB affair, is believed to be in China. Malaysia has been pursuing his extradition and asset recovery for years, following his initial in absentia charges in 2018 on eight counts of money laundering.
In September, Malaysia announced the recovery of additional assets linked to Low, aided by Singapore, after a global civil forfeiture settlement with the U.S. Justice Department. The U.S. DOJ has indicated that there remain assets linked to Jho Low in Singapore that are not included in the settlement agreement, a fact acknowledged by the MACC on Saturday.
Beyond Low, the MACC’s statements also referenced ongoing discussions involving former Goldman Sachs banker Tim Leissner, businessman Tarek Obaid and his company PetroSaudi, and Riza Aziz, the film producer who is Najib Razak’s stepson, as part of broader efforts to address related financial improprieties.
