KUALA LUMPUR: Prime Minister Tan Sri Muhyiddin Yassin has thanked the United States government for facilitating the return of US$300 million (RM1.29 billion) of misappropriated 1Malaysia Development Berhad (1MDB) funds.
The announcement of the funds’ repatriation was made today by the US Department of Justice (DOJ), as part of its Kleptocracy Asset Recovery Initiatives.
“I would like to express my gratitude to the US government, particularly the US Embassy in Kuala Lumpur, on their excellent assistance and cooperation in facilitating the return of the US$300 million.
“I would also like to commend Malaysia’s Minister of Finance and the Attorney-General for their role in the negotiation process,” Muhyiddin said.
The Prime Minister added that the funds include proceeds from the liquidated assets of fugitive Malaysian businessman Low Taek Jho, or Jho Low.
“On Oct 30, 2019, Malaysian fugitive Jho Low reached a settlement with the DOJ pertaining to numerous forfeiture claims filed by the DOJ against assets he had purchased using 1MDB money.
“The US$300 million represents some of those assets which had been forfeited and later sold.
“It also includes proceeds from 1MDB-linked assets that were given up or forfeited by individuals linked to Jho Low,” he said in a statement today.
As of now, Muhyiddin said the government has managed to recover a total US$620 million (RM 2.68 billion) of 1MDB money in the form of sales proceeds or assets.
He said the process to sell Jho Low’s remaining forfeited assets under the DOJ’s consent forfeiture judgment is currently ongoing.
The Prime Minister added that the recovery of more 1MDB assets is in progress, and that the government will continue to work with the DOJ as well as other governments to repatriate more 1MDB money in the future.
The US government previously said that high-level officials of 1MDB and Jho Low siphoned off billions originally meant to fund state investments from 2009 to 2015.
Low used much of the money to purchase luxurious homes and top-level art and invest in Hollywood movies, including the Martin Scorsese hit “Wolf of Wall Street.”
The DOJ has seized most of Low’s assets and has been slowly liquidating them for return to Malaysia.