KUALA LUMPUR – Jasmine Loo, the star witness in Datuk Seri Najib Razak’s 1MDB trial, has struck a deal with the US Department of Justice (DoJ) for the recovery of artwork and a Swiss bank account that held funds allegedly stolen from the sovereign wealth fund.
Loo, formerly 1MDB’s general counsel, had control over Picasso artwork and the financial account in Switzerland, which are collectively valued at US$1.8 million (RM8.4 million), the DoJ said in a statement dated July 23.
“The agreement with Loo announced today does not release any criminal claims against her,” it added.
Loo recently testified in former prime minister Najib’s 1MDB trial, which saw the prosecution resting its case on May 30 after 235 days of proceedings.
The defence and prosecution are to file written submissions this month, while oral submissions will be heard in August over Najib’s 25 charges of abuse of power and money laundering involving RM2.28 billion of alleged 1MDB funds.
The DoJ also said it had obtained forfeiture orders on other assets allegedly purchased by Low Taek Jho, or Jho Low, using alleged 1MDB funds.
This includes diamond jewellery and artwork by Van Gogh, Monet, Picasso, Basquiat, and Diane Arbus.
This is the latest civil forfeiture case by the DoJ on assets believed to be acquired by Low and other conspirators using 1MDB funds.
Assets acquired by Low, together with those controlled by Loo, are estimated to be worth nearly US$85 million, the department said.
It added, the US has to date returned or assisted in the return to Malaysia of over US$1.4 billion in assets linked to embezzlement of 1MDB funds. – July 24, 2024
