Malaysia to focus on repatriating assets bought using 1MDB funds

PUTRAJAYA: The Federal Government will focus on repatriating assets wrongfully bought using 1Malaysia Development Board (1MDB) funds, says Datuk Seri Saifuddin Nasution Ismail.

The Home Minister said the ministry was aware of a recent deal between the US Department of Justice (DOJ) and fugitive financier Low Taek Jho, better known as Jho Low.

"The deal is a matter dealt with by the US DOJ, and it involves returning 1MDB assets to DOJ.

"If it involves our country's assets, our focus will be on asset repatriation," he told a press conference after attending the police's Community Safety Run at Dataran Putrajaya on Saturday (July 6).

He was asked to comment on the deal between the DOJ and Low, which involved the latter returning assets and items bought using 1MDB funds.

When asked whether the deal would affect the hunt and investigation into Low, Saifuddin said the government's focus would be on asset repatriation.

"That is our priority at the moment," he said.

He added that the repatriation of 1MDB assets and funds has been conducted since previous administrations.

According to Channel NewsAsia (CNA), the DOJ signed a confidential agreement with Low to reach a global settlement to the years-long asset forfeiture campaign.

Citing records it had viewed, CNA said the global settlement agreement would “forever (resolve) the United States’ civil, criminal and administrative asset forfeiture actions or proceedings relating to the disposition” of assets tied to 1MDB.

It was reported that the DOJ signed a confidential agreement in early June with Low’s family lawyers and their financial trustees, which involved surrendering assets previously identified by the authorities.

The agreement to try to reach a global settlement was signed by DOJ’s acting chief of money laundering and asset recovery section, Margaret A. Moeser, lawyers for the Lows’ financial trustee and his family lawyer Robin Rathmell of law firm Kasowitz Benson Torres.

The confidential agreement, which has yet to be publicly disclosed, is related to the DOJ's announcement last week that it would recover an additional US$100mil in resolving two civil forfeiture cases.

It added that the assets include artworks by Andy Warhol and Claude Monet, financial deposits, and properties in Singapore and other international locations.