Reported 11 months ago
Malaysian tycoon Jho Low and his family have agreed to forfeit nearly $1 billion in assets, with the US seizing over $100 million worth of art pieces and a yacht. Low will surrender over $100 million, including a luxury apartment in Paris and artworks by Monet and Warhol, to settle civil forfeiture cases related to corruption and embezzlement in the 1MDB scandal. This follows the previous forfeiture of nearly $1 billion in assets by Low's family, including a $120 million super yacht. The US DOJ has reached an agreement with Low to recover additional assets worth around $100 million, involving fraud in the 1MDB case, to be forfeited. Artworks, including Monet and Warhol pieces, play a significant role in this case. Low, also known as Jho Low, is accused of siphoning off billions from 1MDB, money owned by the Malaysian government, and denies any wrongdoing, claiming the charges are politically motivated. He is believed to be residing in China currently.
Source: YAHOO