KUALA LUMPUR – Police have seized RM93.2 million worth of assets from former 1MDB lawyer Jasmine Loo in relation to the financial scandal involving the wealth fund.
Besides several properties in the United States, London and Singapore, the assets seized from Loo included two paintings from renowned artist Pablo Picasso, said Deputy Inspector-General of Police Datuk Seri Ayob Khan Mydin Pitchay.
Addressing a press conference here today, Ayob added that the assets were declared by Loo, who is said to be a close associate of fugitive businessman Low Taek Jho, or Jho Low.
“The RM93.2 million total valuation of these assets and properties is based on their prices when they were acquired in 2013.
“We believe that the assets could potentially be worth a lot more now,” Ayob said, adding that Loo had given her full cooperation to the authorities, including by signing a statutory declaration (SD) on August 23 to return the listed assets and properties to the Malaysian government.
He added that while police have seized some of Loo’s declared assets that are in Malaysia, efforts are underway to seize and reclaim overseas assets, including by handing over Loo’s SD to Singapore’s Commercial Crime Affairs Department on August 30.
Loo, Ayob said, confirmed that among the declared assets were gifts she had received from Jho Low, including a Richard Mille watch, a Harry Winston watch and a Birkin handbag.
Checks on July 17 at the premises of a Bukit Damansara condominium identified as the location where Loo had kept some of the assets obtained through 1MDB funds saw the seizure of approximately RM625,500 worth of assets and various documents, he added.
The assets found are now in the custody of Bukit Aman’s commercial crime investigation department.
Meanwhile, Loo also purchased a luxury One Madison condominium in New York worth RM21.4 million, an RM12.9-million condominium in London, and two other properties in Singapore worth approximately RM3.8 million.
Besides the two Picasso pieces, Loo owned seven other paintings, with all nine artworks carrying a price tag of RM8.1 million. One of the paintings is being kept in Switzerland while the other eight are stored in New York.
Besides holding over RM23 million in a US bank account along with another RM13.7 million in a Singaporean bank under a company called Heartland Global Ltd, Loo was also found to be the owner of the company River Dee International SA, which is registered in the British Virgin Islands.
Commenting on Loo’s arrest on July 7, Ayob said Loo might have decided to return to her country of birth after having potentially experienced difficulties when living abroad.
“She had been living abroad for too long, maybe she wanted to return to Malaysia to settle the cases against her. It’s not easy to stay in hiding in other countries. Maybe that’s why she decided to return and surrender herself to police.”
He also said police had completed their part of the investigations and will now be handing Loo over to other investigation authorities, namely the Malaysian Anti-Corruption Commission.
On July 12, Home Minister Datuk Seri Saifuddin Nasution Ismail confirmed that Loo was arrested on July 7 to assist investigations into the misappropriation of 1MDB funds as she is believed to have information on the scandal.
Loo was 1MDB’s former general counsel and executive director of group strategy.
In 2018, she was charged with two counts of laundering over US$6 million (RM27.9 million) received in a Swiss account she controlled. She is alleged to have committed these offences on December 6, 2012, and July 1, 2014.
It was previously reported that the funds were diverted from the first two 1MDB bond offerings underwritten by Goldman Sachs.
Last week, the US government filed a civil suit to seize a Picasso artwork purportedly owned by Loo and bought using misappropriated funds from 1MDB.
In addition, Washington wanted to forfeit funds and assets in a Swiss-based bank held under her company called Glen Vine Partners Ltd. – September 4, 2023