Wanted Malaysian financier Jho Low has cut a deal with the United States Department of Justice (DOJ) to give up nearly US$1 billion (S$1.36 billion) in assets related to his involvement in the 1MDB case.

However, the deal does not include an admission of guilt or wrong-doing, according to Reuters.

It will not affect the criminal action against Low, who faces charges in both the U.S. and Malaysia over allegedly misappropriating over US$4.5 billion (S$6.12 billion) from Malaysia's state-owned wealth fund.

Jho Low's forfeited assets

The assets recovered include:

• High-end real estate in Beverly Hills, New York, and London.
• Other assets in Switzerland and the UK.
• Other business investments.

Reuters gives the value of these assets as $US700 million (S$952 million), while the New York Times gives an estimate of US$650 million to US$900 million (S$884 million to S$1.22 billion).

This is on top of the US$120 million yacht (S$163 million) and other assets worth US$140 million (S$190 million) that have already been seized.

The settlement was filed in a court in California, U.S. on Wednesday, Oct. 30.

If approved, this will be the largest ever civil forfeiture ever done by the DOJ.

According to CNA, U.S. Assistant Attorney-General Brian A Benczkowski said:

"This settlement agreement forces Low and his family to relinquish hundreds of millions of dollars in ill-gotten gains that were intended to be used for the benefit of the Malaysian people, and it sends a signal that the United States will not be a safe haven for the proceeds of corruption."

Where is Low?

Reuters quoted an emailed statement from Low, who said:

"I am very pleased to confirm that a landmark comprehensive, global settlement has been reached with the United States government."

Low's whereabouts are currently unknown, but he is believed to be living in China.

He is represented by a legal team that includes former New Jersey governor and U.S. presidential candidate Chris Christie, according to the NYT.

Low has racked up US$15 million (S$20.4 million) in legal fees, but the DOJ has allowed him to use some of the seized assets to pay that bill.

Former Malaysia prime minister Najib Razak is currently on trial for his alleged involvement in the 1MDB case.

Goldman Sachs Group Inc. and Deutsche Bank are also facing probes into their alleged involvement.

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Top image from Jho Low Facebook page and Pixabay.