1MDB scandal rife with money laundering continues to unwind as prosecutors move forward
The Malaysian fugitive financier Jho Low—whereabouts unknown—has agreed through his lawyers to forfeit any rights to upwards of $900 million in property seized by the U.S. government.
A primary figure in the massive 1MDB scandal in Malaysia, Jho Low found fame in spending hundreds of millions of allegedly stolen money. Jho Low dumped his millions in luxury goods like a super yacht, high-end real estate, jets, artwork, jewelry, movie-producing (Wolf of Wall Street), and much more.
U.S. authorities began seizing assets in 2016 as part of its efforts to fight money laundering and theft by the 1MDB-scandal perpetrators and to return stolen assets to Malaysia.
Low, who is believed to be living in China, has been on the run since the scandal was exposed and the former Malaysia prime minister at the heart of the scandal was defeated. U.S., Malaysian, and other authorities have worked together to investigate and prosecute those involved in the theft of nearly $3 billion from Malaysia.
The forfeiture by Low of upwards of $900 million is one of the largest ever forfeitures of civil assets achieved by U.S. law enforcement. The civil-asset forfeiture does not include any accommodations or lessening of the criminal charges against Low, who maintains his innocence in all matters related to the 1MDB scandal.
The criminal investigations into the scandal have ensnared various Malaysian officials, and U.S. authorities have also been examining the role of the fund’s bankers at Goldman Sachs.
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