KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) is in the process of arranging the return of high-value 1Malaysia Development Berhad (1MDB) assets currently held overseas.
According to a source, the portfolio of 12 major works belonging to Jasmine Loo is held by US auction houses Christie's and Sotheby's.
The collection includes Pablo Picasso's L'Ecuyere et les clowns (1961); Joan Miró's Composition (1953); William H. Bailey's Still Life (b. 1930); Alexander Calder's Studies for Sculpture (1898-1976); and Henri Matisse's Femme Assise (1869-1954), collectively valued at over US$30mil (RM122mil).
"The assets under the custodianship of Sotheby's are currently in the process of being shipped to Malaysia. Meanwhile, the assets held by Christie's can only be surrendered following a court order in the United States, specifically through cooperation with the US Department of Justice (DOJ).
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"The costs for retrieving these assets are substantial, as they require specialised storage space, periodic inspections, conservation treatment and ongoing maintenance, in addition to meticulous coordination with foreign enforcement agencies," the source said when contacted on Monday (Dec 22).
The source added that the return of these paintings had been agreed upon as part of the broader 1MDB asset recovery initiative, following bilateral discussions between the MACC, US Federal Bureau of Investigation (FBI) and DOJ in Washington and New York on Dec 9 and 11.
Meanwhile, MACC special operations division senior director Datuk Mohamad Zamri Zainul Abidin confirmed it is investigating and tracing 1MDB-linked assets, including property, financial holdings and other high-value items across multiple jurisdictions.
He said recent inquiries also target Casey Tang, who is linked to the case and allegedly owns luxury overseas property and is purportedly involved in misconduct at foreign law firms. – Bernama
