Jho Low to forfeit Warhol, Monet works in 1MDB deal with DoJ

NEW YORK: The US Justice Department has reached a deal to recover more than US$100mil in funds, including artworks by Claude Monet and Andy Warhol, linked to the multi billion-dollar 1MDB scandal.

The department announced an agreement with Jho Low, members of his family, and trust entities in order to resolve two civil forfeiture cases.

The department previously brought the cases against assets that it alleges were acquired by Low and his family using funds allegedly embezzled from troubled sovereign investment development fund, 1Malaysia Development Bhd.

Low also agreed to cooperate in the transfer to Malaysia of certain other assets located in Hong Kong, Switzerland and Singapore that are linked to 1MDB funds.

"The agreement resolves the civil forfeiture action against a luxury apartment in Paris and artwork located in Switzerland by artists Andy Warhol and Claude Monet, which Low purchased for approximately US$35million in total,” according to the statement.

"In addition, parties agreed to return to Malaysia real property and cash in bank accounts valued at approximately US$67mil located in Hong Kong, Switzerland, and Singapore.” - Bloomberg