Malaysian “financier” Jho Low agrees to return $1 billion stolen from state fund 1MDB
The US Department of Justice on October 30 reached a settlement deal with Malaysian financier Jho Low to recover almost $1 billion in funds the fugitive and his family have misappropriated from Malaysian state investment fund 1Malaysia Development Berhad (1MDB).
The deal was struck through Low’s lawyers. His whereabouts are still unknown. Low, who called the agreement “historic” and a “landmark settlement” in a statement issued on his behalf, faces charges in both the US and Malaysia over his central role in the scandal.
Low agreed to give up a private jet, high-end real estate in Beverly Hills, New York and London, and other assets totaling $700 million, among them cash held on accounts in Switzerland, the Justice Department said. That’s on top of a $126-million yacht and $140 million in other assets previously forfeited. If approved, the settlement will mark the largest civil forfeiture ever concluded by the Justice Department, it said.
High-level officials of 1MDB and associates including Low had siphoned more than $4.5 billion from the fund between 2009 and 2015. Officials in Malaysia and the United Arab Emirates, Wall Street bank Goldman Sachs and Deutsche Bank have all been caught up in probes into the multi-year conspiracy.
The settlement was filed in a California court and needs to be approved by a judge. The deal does not include an admission of guilt or wrongdoing and is not tied to separate criminal actions against Low.
Malaysia’s Prime Minister Mahathir Mohamad said Malaysia will file a claim on the forfeited assets.
“The assets were bought with Malaysian money, we have proof that it was Malaysian money, we will now make a claim with the American government,” he told reporters on October 31.
The US Department of Justice on October 30 reached a settlement deal with Malaysian financier Jho Low to recover almost $1 billion in funds the fugitive and his family have misappropriated from Malaysian state investment fund 1Malaysia Development Berhad (1MDB). The deal was struck through Low’s lawyers. His whereabouts are still unknown. Low, who called the agreement “historic” and a “landmark settlement” in a statement issued on his behalf, faces charges in both the US and Malaysia over his central role in the scandal. Low agreed to give up a private jet, high-end real estate in Beverly Hills, New York...
The US Department of Justice on October 30 reached a settlement deal with Malaysian financier Jho Low to recover almost $1 billion in funds the fugitive and his family have misappropriated from Malaysian state investment fund 1Malaysia Development Berhad (1MDB).
The deal was struck through Low’s lawyers. His whereabouts are still unknown. Low, who called the agreement “historic” and a “landmark settlement” in a statement issued on his behalf, faces charges in both the US and Malaysia over his central role in the scandal.
Low agreed to give up a private jet, high-end real estate in Beverly Hills, New York and London, and other assets totaling $700 million, among them cash held on accounts in Switzerland, the Justice Department said. That’s on top of a $126-million yacht and $140 million in other assets previously forfeited. If approved, the settlement will mark the largest civil forfeiture ever concluded by the Justice Department, it said.
High-level officials of 1MDB and associates including Low had siphoned more than $4.5 billion from the fund between 2009 and 2015. Officials in Malaysia and the United Arab Emirates, Wall Street bank Goldman Sachs and Deutsche Bank have all been caught up in probes into the multi-year conspiracy.
The settlement was filed in a California court and needs to be approved by a judge. The deal does not include an admission of guilt or wrongdoing and is not tied to separate criminal actions against Low.
Malaysia’s Prime Minister Mahathir Mohamad said Malaysia will file a claim on the forfeited assets.
“The assets were bought with Malaysian money, we have proof that it was Malaysian money, we will now make a claim with the American government,” he told reporters on October 31.
