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US returns another RM1.3 billion in 1MDB funds to Malaysia

TheMole
Written by TheMole

PUTRAJAYA, April 15 2016: Malaysia has received another US$300 million (RM1.3 billion) of 1MDB funds from the United States government, which makes it a total of US$620 million (RM2.38 billion) returned to date.

Prime Minister Tan Sri Muhyiddin Yassin, who made the announcement here today said the amount represents funds recovered from asset seizures related to 1MDB under the US Department of Justice’s (DoJ) Kleptocracy Asset Recovery Initiative.

Muhyiddin said that on Oct 30 last year, fugitive businessman Low Taek Jho, also known as Jho Low, had reached a settlement with the DoJ pertaining to the numerous forfeiture claims it filed against assets he had purchased using 1MDB monies.

“The US$300 million represents some of the 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.

“The government is pleased to share that so far, inclusive of this most recent tranche of US$300 million, a total of US$620 million (RM2.38 billion) of 1MDB monies, in the form of sales of proceeds or assets, have been returned,” said the Prime Minister in a statement.

He added that the process of selling Low’s remaining assets under the DoJ consent forfeiture judgement is ongoing.

“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 the Finance Minister and the Attorney General for their role in the negotiation process.

“1MDB asset recovery efforts are ongoing, and the government will continue to work with the Unites States, the DoJ and other governments to recover and repatriate more 1MDB monies in the future,” he said.

Meanwhile, the Finance Ministry said in a statement today that of the other US$320 million received previously, US$57 million were proceeds of a settlement with Red Granite Pictures while the other US$137 million was from the sale proceeds of Low’s interest in the Park Lane Hotel and US$126 million from the judicial sale of the luxury yacht, Equanimity. These amounts were credited in March 2019, April 2019 and Dec 2019 respectively.

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