KUALA LUMPUR: The US Justice Department (DOJ) has reached a deal with former 1Malaysia Development Bhd (1MDB) general counsel Jasmine Loo Ai Swan to recover a Picasso painting and a Swiss bank account linked to allegedly stolen 1MDB funds.

The DOJ, in a statement, said the agreement settles the civil case involving these assets, valued at around $1.8 million (RM8.42 million).

However, the department said the agreement does not release any criminal claims against her.

Additionally, the DOJ has secured forfeiture orders for other assets allegedly acquired with 1MDB funds by fugitive businessman Low Taek Jho, also known as Jho Low.

These assets include diamond jewelry and artwork by Vincent Van Gogh, Claude Monet, Pablo Picasso, Jean-Michel Basquiat, and Diane Arbus.

Together with Loo's assets, the collective value of these assets is estimated to be nearly US$85 million (RM397 million).

The DOJ said it had previously initiated numerous civil forfeiture cases against assets allegedly acquired by Low and his co-conspirators using embezzled 1MDB funds.

"From 2009 through 2015, more than $4.5 billion (RM21 billion) in 1MDB funds were allegedly misappropriated by high-level officials and their associates, including Low and Loo, through a criminal conspiracy involving international money laundering and bribery," the statement read.

The statement also said the forfeiture of other artwork and jewelry allegedly purchased by Low is based on a recent settlement agreement related to real estate and artwork forfeitures in two cases.

"This resolves three additional civil forfeiture cases filed in the US District Court for the Central District of California."

Prior to this settlement, the United States had returned or assisted in the return of over US$1.4 billion (RM6.54 billion) in assets related to international money laundering, embezzlement, and bribery schemes to Malaysia.

Low faces separate criminal charges in the Eastern District of New York for allegedly conspiring to launder billions of dollars embezzled from 1MDB and violating the Foreign Corrupt Practices Act by bribing Malaysian and Emirati officials.

Additionally, he faces charges in the District of Columbia for allegedly conspiring to make and conceal foreign and conduit campaign contributions during the 2012 United States presidential election.

The DOJ said the agreement with Loo does not absolve any individual or entity from current or potential criminal charges.

The FBI's International Corruption Squads in New York City and Los Angeles and the IRS Criminal Investigation Los Angeles Field Office are investigating the case.

https://www.nst.com.my/news/crime-courts/2024/07/1080793/doj-reaches-agreement-jasmine-loo-recover-us85mil-1mdb-linked