Two Picasso paintings among assets bought with 1MDB funds to be seized: Malaysia deputy police chief
Sign up now: Get insights on the biggest stories in Malaysia
Malaysian police said assets bought by lawyer Jasmine Loo Ai Swan using 1MDB money will be reappropriated.
PHOTO: REUTERS
KUALA LUMPUR - Assets bought by lawyer Jasmine Loo Ai Swan using 1Malaysia Development Berhad (1MDB) money, including two Pablo Picasso paintings, will be reappropriated, said Malaysia’s Deputy Inspector-General of Police.
At a press conference Monday, Datuk Seri Ayob Khan Mydin Pitchay said Loo had revealed to the police a list of assets under her name that were allegedly purchased using 1MDB money.
“Investigations showed that she was also the owner of River Dee International SA, which is registered in the British Virgin Islands.
“This company has conducted property transactions, and had jointly opened a bank account at Falcon Private Bank with Jho Low in November 2012,” Mr Ayob Khan said, referring to fugitive financier Low Taek Jho.
“Through River Dee, Loo received five transactions from several entities and companies amounting to US$16,074,975 (S$21.8 million in 2023),” he added.
The funds obtained were then used to purchase properties in New York and London, and around US$5,000,000 has already been seized by the United States’s Department of Justice.
Mr Ayob Khan added that the police were also in the midst of completing the full seizure of several other assets linked to Loo, including two Pablo Picasso paintings and a London apartment.
“The value of the total assets at time of purchase was listed as RM93,266,291 in 2013, but that value could be much more today.
“The process of reappropriating the assets will take some time, and more so with these assets based overseas,” he said.
On what happens next, the deputy IGP said that Loo will be handed over to other agencies in the near future for their investigations.
“In terms of charging, there are a lot of possibilities. Perhaps we will charge or other agencies will.
“She has been away from the country for so long and it is hard for one to hide out in a foreign country, so maybe that is why she took the decision to return and face the legal process here,” he said.
On July 7, Loo surrendered herself to the police at the Dang Wangi police headquarters in Kuala Lumpur.
Loo was said to be a close associate of Low, who was also involved in the 1MDB financial scandal.
On Dec 4, 2018, the Magistrate’s Court issued arrest warrants against Low, Loo, former 1MDB executive director Casey Tang Keng Chee, former 1MDB official Geh Choh Heng and Low’s close associate Eric Tan Kim Loon, after they failed to appear in court to face seven charges of money laundering related to 1MDB.
On May 3, 2023, Kee Kok Thiam – another suspect in the 1MDB case – was arrested when he arrived at Kuala Lumpur International Airport Terminal 2. However, Kee died on May 30. THE STAR/ASIA NEWS NETWORK
