Malaysia recovers another RM39.1 million linked to Jho Low in ongoing 1MDB asset repatriation

MALAYSIA: Malaysia has successfully recovered US$8.57 million (RM39.1 million) in assets tied to fugitive financier Jho Low and his family members as part of its efforts to reclaim funds misappropriated in the 1Malaysia Development Bhd (1MDB) scandal.

The Malaysian Anti-Corruption Commission (MACC) confirmed that the funds had been transferred to the 1MDB Asset Recovery Trust Account with assistance from Singapore’s Commercial Affairs Department.

The recovery stems from Low’s global civil forfeiture settlement with the United States Department of Justice (DoJ). The MACC noted that additional accounts belonging to Low’s family members are expected to be repatriated to Malaysia in the near future.

To date, US authorities have secured more than US$1.5 billion in assets linked to Low, much of which has already been returned to Malaysia.

The latest recovery, combined with the recent US$330 million (RM1.4 billion) settlement with JPMorgan Chase & Co, brings the total assets repatriated to Malaysia from the 1MDB scandal to RM31.19 billion.

The MACC attributed the progress to the government’s Multi-Agency Task Force (MATF), which includes the commission, the Attorney-General’s Chambers (AGC), Bank Negara Malaysia (BNM), the Royal Malaysia Police, and the National Anti-Financial Crime Centre (NFCC).

“These efforts have been further strengthened by close cooperation with international authorities, particularly from the United Kingdom, the United States, Switzerland, Singapore, and France, under Mutual Legal Assistance (MLA) arrangements,” the commission said.

The government reiterated its commitment to recovering all misappropriated funds and assets from the 1MDB scandal, widely regarded as one of the world’s largest financial crimes.