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US recovers US$100M linked to 1MDB from Jho Low and others

The US Justice Department has reached a deal with Malaysian fugitive financier Jho Low to return US$100M linked to the 1MDB scandal. Despite this civil settlement, Low faces US criminal charges for money laundering, bribery allegations involving Malaysian and Emirati officials, and campaign finance violations during the 2012 US election.

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KUALA LUMPUR, MALAYSIA: The Justice Department of the United States has finalized an agreement with Malaysian fugitive financier Jho Low, accused in the 1Malaysia Development Berhad (1MDB) scandal, to return over US$100 million (RM471 million) in allegedly embezzled funds.

As per a statement issued by the US DOJ on Wednesday (26 June), Under the terms of the settlement, the Justice Department will collaborate with international partners to facilitate the return of assets worth millions of dollars to Malaysia, spanning locations in Hong Kong, Switzerland, and Singapore.

The civil forfeiture complaints, spanning the period from 2009 to 2015, allege misappropriation of more than US$4.5 billion intended for Malaysia’s economic development.

The funds were allegedly siphoned off by high-level officials and associates of 1MDB, including Jho Low, through an intricate web of international money laundering and bribery schemes.

Key assets subject to the settlement include a luxury apartment in Paris and artwork by renowned artists Andy Warhol and Claude Monet, collectively valued at approximately US$35 million.

Additionally, real estate properties and cash assets totalling about US$67 million located in Hong Kong, Switzerland, and Singapore will be returned to Malaysia.

Notably, US$3.5 million will be allocated to cover legal fees and associated costs, with stringent provisions barring any return to Low or his family members.

This resolution builds upon previous efforts by the United States, which have already seen the return or assistance in the return of over US$1.4 billion in assets linked to the 1MDB scandal to Malaysia.

Despite the civil settlement, Jho Low faces separate criminal charges in the Eastern District of New York and the District of Columbia.

These charges include allegations of money laundering and conspiracy to violate the Foreign Corrupt Practices Act, stemming from purported bribes paid to Malaysian and Emirati officials, as well as campaign finance violations during the 2012 U.S. presidential election.

The investigation, led by the FBI’s International Corruption Squads in New York City and Los Angeles, along with IRS Criminal Investigation, underscores a collaborative effort involving multiple international agencies.

The Justice Department emphasized that while this civil forfeiture settlement has been reached, it does not absolve any individual or entity of criminal charges. Investigations into the wider implications of the 1MDB scandal continue.

1MDB scandal led to the downfall of the Najib-led Barisan National Govt in 2018

The sprawling 1MDB financial scandal has sparked criminal investigations globally, alleging the misappropriation of billions of dollars from 1MDB funds by multiple individuals, financing lavish purchases from artwork to a luxury yacht.

Jho Low, a wanted fugitive, remains at large, with his current whereabouts unknown.

The scandal resulted in the defeat of the Malaysian government led by the former president of UMNO Najib Razak in the 2018 Malaysian General Election.

Najib has been imprisoned since 23 August 2022, following the Federal Court’s confirmation of his convictions for criminal breach of trust, abuse of power, and money laundering related to the misappropriation of SRC International Sdn Bhd’s funds, accompanied by an RM210 million (approximately US$44.5 million) fine.

On 2 February, the Pardon’s Board reduced Najib’s sentence from 12 to six years for misappropriating funds amounting to RM50 million (approximately US$10.6 million), potentially enabling his release on 23 August 2028.

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It is a good thing that the former pm has been given punishment.

🇺🇸 Protect money laundered
PAP Administration concealed, protect banks launder money.
USA go after briberies, after politicians.
PAP Administration, used Singapore Govt Services, – meant to serve people – to protect their Politicians.

Singaporeans BETTER WISE UP to ACT on the differences, TO DECIDE their VOTES for whom, for WHAT PAP says AND WHAT PAP acts?

Last edited 17 days ago by 80twenty

Is the US going to come after the monies of the money launderers in Singapore that our banks willingly allowed into Singapore? Might end up paying huge fines to different law enforcement.

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