KUALA LUMPUR: The Deputy Inspector-General of Police has announced that assets purchased by lawyer Jasmine Loo Ai Swan using funds from 1Malaysia Development Bhd (1MDB), including two Pablo Picasso paintings, will be reappropriated. Speaking at a press conference on Monday, Datuk Seri Ayob Khan Mydin Pitchay revealed that Loo had disclosed to the police a list of assets under her name that were allegedly bought using 1MDB money.
Investigations have shown that Loo is also the owner of River Dee International SA, a company registered in the British Virgin Islands. This company has engaged in property transactions and jointly opened a bank account with Jho Low at Falcon Private Bank in November 2012. Through River Dee, Loo received five transactions totaling US$16,074,975 (RM74,829,008.62 in 2023) from various entities and companies.
The funds obtained were then used to acquire properties in New York and London, with approximately US$5,000,000 (RM23,275,000) already seized by the United States’s Department of Justice. Ayob Khan added that the police are in the process of fully seizing several other assets associated with Loo, which include two Pablo Picasso paintings and a London apartment.
The total value of these assets at the time of purchase was recorded as RM93,266,291 in 2013, but their value could be significantly higher today. However, the reappropriation process is expected to take some time, especially since the assets are located overseas.
Regarding the next steps, Ayob Khan stated that Loo will be handed over to other agencies in the near future for further investigations. He mentioned that there is a possibility of charging Loo, either by the police or by other agencies. Loo, who has been abroad for a long time, decided to return and face legal proceedings in Malaysia.
In July, Loo surrendered herself to the police at the Dang Wangi police headquarters. She is known to be a close associate of Jho Low, another individual involved in the 1MDB financial scandal. Arrest warrants were issued against Loo, Jho Low, former 1MDB executive director Casey Tang Keng Chee, former 1MDB official Geh Choh Heng, and Jho Low’s associate Eric Tan Kim Loon in 2018 when they failed to appear in court to face charges of money laundering related to 1MDB.
On May 3, Kee Kok Thiam, another suspect in the 1MDB case, was apprehended at KLIA Terminal 2. However, Kee passed away on May 30.
Credit: The Star : News Feed
