KUALA LUMPUR: Four of the 12 high-value paintings linked to the misappropriation of 1Malaysia Development Berhad (1MDB) funds are currently in Hong Kong, according to the Malaysian Anti-Corruption Commission (MACC).
Its senior director of special operations Datuk Mohamad Zamri Zainul Abidin said the artworks had passed through several countries before reaching their current location.
“The paintings have yet to be brought back to Malaysia as they must undergo multiple international transit processes,” he said when contacted on Thursday (April 9).
Previously, MACC chief commissioner Tan Sri Azam Baki said the exact arrival date of the paintings could not be disclosed due to security concerns.
“This precautionary measure is to ensure the safety of the artworks, given their high value and status as assets linked to ongoing investigations.
“For now, details including the arrival time cannot be disclosed to avoid any security risks,” he said.
It was reported that four paintings by world-renowned artists linked to the misappropriation of 1MDB funds are in the process of being repatriated to Malaysia.
Mohamad Zamri said the artworks are L’Ecuyère et les clowns (1961) by Pablo Picasso, Montmartre (1934) by Maurice Utrillo, Etude pour femme couchée (1948) by Balthus, and Composition (1953) by Joan Miró.
He said all the paintings were owned by 1MDB’s former lead counsel Jasmine Loo, with the United States Department of Justice (DOJ) confirming their links to the 1MDB scandal.
The repatriation process follows official cooperation between the MACC, the Federal Bureau of Investigation (FBI) and the DOJ in Washington, D.C., last December.
“These are Loo’s paintings that were held at Sotheby’s auction house.
“The remaining paintings are under the custody of the renowned auction house Christie’s,” he said.
Mohamad Zamri added that the MACC will use the Mutual Legal Assistance (MLA) mechanism to recover the remaining artworks still under Christie’s custody.
“Based on accompanying documents, the estimated value of each painting at public auctions is as follows: the Picasso at around US$5,000 to US$7,000; the Utrillo at around US$20,000 to US$30,000; the Balthus at around US$15,000 to US$20,000; and the Miró at around US$60,000 to US$80,000.
“Overall, the four artworks are estimated to be worth nearly half a million to over RM600,000, making them among the valuable art assets recovered so far,” he said.
Previously, the US DOJ agreed to return 12 artworks worth more than US$30mil (RM119.49mil) as part of efforts to recover assets linked to 1MDB.
This follows two rounds of official meetings between Malaysian authorities led by the MACC and their US counterparts in Washington, D.C., and New York on Dec 9 and 11 last year.
