Four paintings linked to 1MDB, including a Picasso, to return to Malaysia on Apr 6
Valued at nearly US$140,000, the artworks are being repatriated with US cooperation - with more still under recovery and possible public display planned, said Malaysia’s Anti-Corruption Commission (MACC).
A screengrab of 1961 circus-themed painting by Pablo Picasso titled “L’Ecuyère et les clowns” from Christie's auction website, tied to the misappropriation of 1Malaysia Development Berhad (1MBD) funds, will be returned to Malaysia on Apr 6. (Image: Christie's, Reuters)
KUALA LUMPUR: Four prized paintings tied to the misappropriation of 1Malaysia Development Berhad (1MDB) funds, including a Picasso piece estimated to be worth at least US$5,000, will be returned to Malaysia - with their arrival expected on Apr 6.
The artworks were once owned by former 1MDB lead counsel Jasmine Loo Ai Swan, a close associate of fugitive businessman Low Taek Jho, better known as Jho Low.
Other assets previously seized from Loo include luxury watches and high-end condominiums in London, the United States and Switzerland back in 2023.
“These are (Loo’s) paintings that were held at Sotheby’s Auction House,” Malaysia’s Anti-Corruption Commission (MACC) chief Azam Baki told the Malay Mail news outlet on Wednesday (Apr 1).
The seized paintings’ links to 1MDB were also confirmed by officials from the US Department of Justice (DOJ) in Washington, Azam said.
“Another seven paintings remain under the custody of the renowned auction house Christie’s,” he added.
The process of retrieving the paintings was the result of official cooperation between MACC and US officials including the Federal Bureau of Investigation (FBI) and the DOJ.
SEIZED ARTWORKS
Set up in 2009 by former Malaysian Prime Minister Najib Razak to promote economic development, the 1MDB scandal contributed to the ouster of Malaysia’s long-ruling Barisan Nasional (BN) government in 2018 and implicated several global financial institutions including Swiss bank BSI and Goldman Sachs.
The four paintings, currently in transit on their way to Putrajaya, are valued at nearly US$140,000 combined, Azam said - making them “among the (most) valuable art assets successfully recovered so far”.
They include a 1961 circus-themed painting by Pablo Picasso titled “L’Ecuyère et les clowns” (The Horsewoman and the Clowns) - believed to be worth between US$5,000 to US$7,000.
MACC also plans to utilise the Mutual Legal Assistance (MLA) mechanism to recover the remaining artworks still under Christie’s custody - a provision that facilitates international cooperation in gathering evidence, seizing assets and taking witness statements for criminal cases.
The artworks are expected to be displayed to the public as a symbol of the country’s enforcement success before further action is taken - which will also include potential auctions to return proceeds to the government, the Malay Mail reported.
MACC is expected to hand over the paintings to the National Art Gallery in Kuala Lumpur, the Malay Mail said.
