US to return 1MDB-Linked Artwork Worth $38.7m to Malaysia
The US Department of Justice (DOJ) has agreed to return 12 works of art worth more than US$30 million (S$38.7 million), part of the recovery of assets linked to Malaysia’s state fund, 1Malaysia Development Berhad (1MDB).
This follows two rounds of official meetings by the Malaysian authorities led by the Malaysian Anti-Corruption Commission (MACC) with the Federal Bureau of Investigation (FBI) and DOJ in Washington and New York on Dec 9 and 11.
“Among the key matters discussed was the repatriation of high-value artworks linked to former 1MDB associate Jasmine Loo. It is estimated that 12 artworks, with a combined value exceeding US$30 million, are currently under the custody of the DOJ and held by auction houses Christie’s and Sotheby’s in the United States,” the commission said in a statement on Dec 13.
“The artworks include Pablo Picasso’s L’Ecuyere et les clowns (1961), Joan Miro’s Composition (1953), William H. Bailey’s Still Life, Alexander Calder’s Studies for Sculpture and Henri Matisse’s Femme Assise,” it added.
“Following the discussions, the MACC agreed to facilitate the return of these artworks to Malaysia.”
The talks also covered developments in the US involving rapper Pras Michel, who was sentenced to 14 years’ imprisonment for receiving US$120 million, part of which was linked to 1MDB and related shell companies, the MACC said.