The US Justice Department has reached a deal with fugitive financier Jho Low to return more than $100m (£79m) allegedly embezzled from Malaysia’s state wealth fund in the 1MDB scandal.
The United States says artworks by artists Andy Warhol and Claude Monet and a luxury apartment in Paris will be liquidated and assets worth $67 million will be returned to Malaysia.
Prosecutors allege the assets were linked to cash raised in 2012 and 2013 for the 1Malaysia Development Bhd (1MDB) fund.
Mr. Liu is a wanted fugitive and is still at large, but his whereabouts are unknown.
The Justice Department said the assets would supplement approximately $1.4 billion in assets already returned with U.S. assistance. In total, more than US$4.5 billion was allegedly stolen from 1MDB funds.
The United States said it would coordinate with foreign countries to transfer assets held overseas to Malaysia as part of an agreement with Low, his family and entities he established.
“The agreement resolves civil forfeiture proceedings against a luxury Paris apartment and Swiss-based art by artists Andy Warhol and Claude Monet, which Jho Low purchased for a total of approximately $35 million,” the Justice Department said. Taste.
“In addition, both parties agreed to return real estate in Malaysia and approximately US$67 million in cash held in bank accounts in Hong Kong, Switzerland and Singapore.”
Mr Low, whose real name is Low Taek Jho, is alleged to be at the center of the 1MDB scandal, which led to the misappropriation of billions of dollars from a state fund designed to help missing Malaysian people.
U.S. and Malaysian prosecutors allege the money went into the pockets of powerful individuals and was used to buy assets including luxury real estate, private jets and expensive art.
