21-7-2023 (KUALA LUMPUR) In early April, lawyers representing fugitive Jasmine Loo Ai Swan contacted top officials at Malaysia’s Home Ministry on behalf of their client. Loo, who has been on the run for five years, requested to explore returning home and negotiate a legal settlement for charges relating to the 1Malaysia Development Berhad (1MDB) financial scandal.
As well as pledging to return some 1MDB-related funds, Loo, who ranks just below Low Taek Jho as one of Malaysia’s most wanted corporate offenders, also promised to cooperate with Prime Minister Anwar Ibrahim’s government in its asset recovery efforts, sources told Channel NewsAsia.
The proposal from AmerBon Associates, a Kuala Lumpur-based law firm, went to Home Minister Saifuddin Nasution Ismail. He has been exploring new ways to resolve outstanding 1MDB issues, including Goldman Sachs’ out-of-court settlement that is now disputed.
Within days, Saifuddin and senior officials launched a high-level covert cross-border operation to bring back this valued suspect. Saifuddin said last week that Loo was arrested after she surrendered to police on July 7. He added that Loo would assist ongoing 1MDB investigations. However, few details were given about her whereabouts after she disappeared to avoid charges involving over $1 billion.
AmerBon Associates said Loo’s “priority is to cooperate with law enforcement in ongoing 1MDB investigations, and facilitate Malaysian government asset recovery efforts”.
Loo’s New York lawyer Justin Sher could not comment on queries.
While not disclosed is that Loo had been hiding in Myanmar for over two months at the Malaysian embassy in Yangon before returning to Kuala Lumpur, as revealed to Channel NewsAsia by government and legal sources who spoke anonymously due to sensitivity.
Loo’s return marks an important breakthrough. She is a key member of Low’s network of lawyers and financiers turned fraudsters who played central roles in the multi-billion dollar 1MDB scandal.
Against this backdrop, some wonder if Low will approach Malaysia for settlement talks. Officials say they will take things “one at a time”. Loo’s return is “a good outcome”, a senior administration official close to Saifuddin said.
Loo played central roles in 1MDB’s diversification financed by $6.5 billion Goldman Sachs bonds which the US Justice Department said over $1.37 billion was siphoned from. Loo was identified as the ultimate beneficiary of a Swiss bank account which received about $10 million.
After Najib Razak’s ouster, Loo and others left Malaysia, believed to be in China, Macau and Kuwait and Abu Dhabi. Loo reappeared when Kee Kok Thiam, deported from Macao in May after overstaying, told investigators Loo had lived in Cambodia until late 2022 before travelling to Yangon on a fake Myanmar passport. Kee died at the end of May.
Loo’s return was delayed as Malaysia had to resolve administrative issues with Myanmar authorities over her fake documents, only solved in late June, sources said.
Police said last week there were safety concerns over Loo. “We don’t want to speak about the arrest because we worry about the danger to her, regardless of whether she is a witness or a suspect,” said Inspector-General of Police Razarudin Husain.
