Federal authorities have recovered a $1.3 million USD Pablo Picasso drawing connected to the 1MDB scandal, a massive corruption case involving Malaysia’s sovereign wealth fund. Jasmine Loo Ai Swan, former general counsel for 1MDB, agreed to surrender the Picasso and a Swiss bank account tied to embezzled funds, totaling around $1.8 million USD, according to the U.S. Justice Department.
Jho Low, the alleged mastermind behind the 1MDB fraud, remains a fugitive. From 2009 to 2015, over $4.5 billion was misappropriated from 1MDB by officials and associates, including Low and Loo. These funds were funneled through international money laundering and bribery schemes as per a report by Artnet.
The recovered Picasso, 'Trois femmes nues et buste d’homme' (1969), was bought by Loo for $1.3 million USD at Christie’s in 2014. The Justice Department has also seized nearly $85 million USD worth of assets tied to Low, including artworks by Van Gogh, Monet, Basquiat, and Warhol.
So far, the U.S. has helped return over $1.4 billion USD to Malaysia. Despite the asset recovery, Loo faces ongoing criminal charges, and Low has been ordered to forfeit additional assets, including diamonds bought for his mother.
Click here to view full gallery at Hypebeast
