KUALA LUMPUR: Around US$8.57mil (RM39.1mil) worth of assets linked to fugitive financier Low Taek Jho (pic) and his family have been successfully repatriated to the 1Malaysia Development Berhad (1MDB) Asset Recovery Trust Account.
The repatriation of funds by the Malaysian government was done with the assistance of Singapore’s Commercial Affairs Department (CAD).
“The recovered assets, totalling US$8.57mil, are the result of a global civil forfeiture settlement with Jho Low by the United States Department of Justice (DoJ).
“Other accounts belonging to Jho Low’s family members are also scheduled for repatriation in the near future,” the Malaysian Anti-Corruption Commission (MACC) said in a statement yesterday.
This latest recovery, along with the recent US$330mil (RM1.4bil) settlement with JPMorgan Chase & Co, brings the total amount of assets recovered by Malaysia from the 1MDB case to RM31.19bil, the commission said.
On June 26 last year, the DoJ announced a global civil forfeiture settlement with Jho Low, which led to the recovery of assets exceeding US$100mil.
“In total, US authorities have secured over US$1.5bil linked to Jho Low, with a significant portion of these funds already returned to Malaysia,” the MACC said.
This successful recovery is due to the ongoing efforts of the Malaysian Government through its Multi-Agency Task Force (MATF), led by the MACC.
“The task force also includes the Attorney-General’s Chambers (AGC), Bank Negara Malaysia (BNM), the police and the National Anti-Financial Crime Centre ( CC).
“These efforts have been further strengthened by close cooperation with international authorities, particularly from the United Kingdom, the United States, Switzerland, Singapore and France, under Mutual Legal Assistance (MLA) arrangements,” it said.
The 1MDB case remains one of the world’s largest financial crimes.
“The Malaysian Government certifies its commitment to bringing back all misappropriated funds and assets and ensuring all individuals and institutions involved are held accountable,” the commission said.
