More than$ 100 million ( £79 million ) allegedly embezzled from Malaysia’s state-owned wealth fund as part of the 1MDB scandal has been reached by the US Justice Department.
A luxury apartment in Paris, Andy Warhol and Claude Monet’s paintings would be sold, and Malaysian property worth$ 67 million would be released, according to the US.
The assets are alleged to be related to cash raised for the 1Malaysia Development Berhad ( 1MDB) fund between 2012 and 2013 according to the prosecution.
Mr Low, a wanted criminal, remains at large, although his movements are mysterious.
According to the Justice Department, the property will be added to the US-returned$ 1.4 billion. In overall, over$ 4.5bn was reportedly stolen from the 1MDB account.
The US stated that it would coordinate with foreign nations to transfer assets held worldwide to Malaysia as part of the arrangement reached with Mr. Low, his household, and the organizations he established.
The deal, according to the Justice Department, resolves the civil forfeiture action against a lavish house in Paris and Claude Monet’s collection of paintings in Switzerland, which Low purchased for roughly$ 35 million overall.
” In contrast, parties agreed to return to Malaysia real estate and money in banks records valued at roughly$ 67 million located in Hong Kong, Switzerland, and Singapore.”
Mr. Low, formally known as Low Taek Jho, is said to have been at the heart of the 1MDB scandal, where billions of dollars from a state finance were diverted to assist the Malay people who went missing.
According to US and Malay prosecutors, the money was used to purchase assets like luxurious real estate, a private jet, and priceless painting because it was allegedly located in a few powerful people’s pockets.