Malaysia’s anti-graft agency vows to recover more high-value art bought with 1MDB scandal funds
Authorities say the artworks may go on public display at national art gallery and could then be auctioned for sale
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[KUALA LUMPUR] Malaysia’s anti-graft agency vowed on Wednesday (May 6) to recover more high-value artwork linked to the multibillion-US dollar 1MDB scandal after putting four recently retrieved works on display at its headquarters.
The Malaysian Anti-Corruption Commission (MACC) successfully repatriated four pieces of artwork last month, including a 1961 Pablo Picasso print, as part of ongoing efforts to recover more than US$4.5 billion syphoned from the 1Malaysia Development Berhad (1MDB) state fund between 2009 and 2014 in a complex, globe-spanning scheme.
US investigators have said the funds, allegedly misappropriated by high-level 1MDB officials and their associates, were used to buy everything from luxury hotels to jewellery and artwork.
MACC chief Azam Baki said the four repatriated artworks were being temporarily housed at the commission’s headquarters, with Malaysia’s National Art Gallery helping to ensure they are kept under proper care and temperature controls.
“These artworks are not merely of commercial value, but also stand as historical symbols of the country’s largest corruption scandal,” Azam said at press conference on Wednesday.
The four works were valued at around US$198,000, MACC said, and include Picasso’s L’Ecuyère et les clowns (1961), Joan Miró’s Composition (1953), Maurice Utrillo’s Maison de Rendez-vous de chasse de Henri IV, Rue St Vincent, Montmartre (1934) and Balthus’ Étude pour femme couchée (1948).
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The artworks, acquired by Jasmine Loo, a former lawyer for 1MDB, were traced through purchases made via auction houses Christie’s and Sotheby’s in New York, and recovered through legal cooperation involving the Federal Bureau of Investigation and the US Department of Justice, Azam added.
Authorities have said the artworks may go on public display at Malaysia’s national art gallery and could then be auctioned for sale. The final decision will be made by the finance ministry.
Authorities are also pursuing seven additional artworks, including pieces by Henri Matisse, Picasso and Salvador Dali, with an estimated value of about US$1.7 million.
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The MACC is also seeking to recover proceeds from the sale of Vétheuil au Soleil by Claude Monet, which was sold in Switzerland for about 25.2 million euros (S$37.6 million). The proceeds are currently under seizure proceedings by US authorities, according to the agency.
To date, Malaysia has recovered about RM31.3 billion (S$10.1 billion) in assets, representing nearly 75 per cent of all identified properties linked to 1MDB, he said. REUTERS, BLOOMBERG
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