Malaysian government vows to recover 1MDB assets following US-DOJ agreement with Jho Low

6-7-2024 (KUALA LUMPUR) In the wake of recent developments surrounding the 1Malaysia Development Berhad (1MDB) scandal, the Malaysian government has reaffirmed its commitment to recovering assets wrongfully acquired using misappropriated funds. Home Minister Saifuddin Nasution Ismail emphasised this stance during a press conference following a community safety event in Putrajaya on 6 July.

The minister’s comments come in response to reports of a confidential agreement between the United States Department of Justice (DOJ) and fugitive financier Low Taek Jho, widely known as Jho Low. This deal, purportedly signed in early June, aims to resolve the years-long asset forfeiture campaign related to the 1MDB scandal.

“Our primary focus remains on the repatriation of assets rightfully belonging to Malaysia,” Datuk Seri Saifuddin stated. He clarified that while the deal between the US DOJ and Low involves the return of 1MDB assets to American authorities, the Malaysian government’s priority is to secure the return of any assets linked to the country.

When questioned about the potential impact of this agreement on the ongoing hunt for Low and related investigations, Saifuddin reiterated the government’s unwavering focus on asset recovery. “That is our priority at this juncture,” he affirmed, highlighting the continuity of these efforts across successive administrations.

The agreement, is set to “forever resolve the United States’ civil, criminal and administrative asset forfeiture actions or proceedings” concerning assets tied to 1MDB. This development follows the DOJ’s recent announcement of an additional US$100 million (approximately S$135 million) recovery through the resolution of two civil forfeiture cases.

Assets involved in this recovery reportedly include artworks by renowned artists Andy Warhol and Claude Monet, alongside financial deposits and properties located in Singapore and other international jurisdictions. The global settlement agreement was reportedly signed by the DOJ’s acting chief of money laundering and asset recovery section, Margaret Moeser, along with lawyers representing Low’s financial trustees and his family.