Jho Low agrees to return properties & cash in S'pore to M'sia govt as part of deal with US authorities

Malaysian fugitive businessman Low Taek Jho, better known as Jho Low, has reportedly entered into a confidential agreement with the U.S. Department of Justice (DOJ) to reach a global settlement for the forfeiture of 1MDB assets.

The department reached an agreement with Low, members of his family, and trust entities, resolving two civil forfeiture cases, according to a press statement dated Jun. 26, 2024.

The global settlement would "forever resolve" the U.S.' civil, criminal, and administrative asset forfeiture actions of such assets, CNA reported.

Settling US forfeiture actions

According to documents seen by CNA, the confidential agreement was signed in Jun. 2024 by the DOJ and Low's family lawyers, and their financial trustees.

The settlement plan would see the surrendering of assets previously identified by authorities as well as assets that were previously not claimed or seized by prosecuting agencies worldwide.

The agreement is tied to the announcement made on Wednesday (Jun. 26) that said Low has agreed to hand over more than US$100 million (S$136 million) in funds to the DOJ.

Luxury apartment, artwork, properties and bank accounts

The forfeited assets include a luxury apartment in Paris and artwork located in Switzerland by artists Andy Warhol and Claude Monet which Low purchased for approximately US$35 million (S$47 million) in total.

Low and his family have also agreed to return to the Malaysian government approximately US$67 million (S$91 million) worth of properties and cash in bank accounts located in Hong Kong, Switzerland, and Singapore.

These forfeited assets are on top of the nearly US$1 billion (S$1.36 billion) in assets he had previously given up in a deal with the U.S. Department of Justice.

Still faces criminal charges

From 2009 through 2015, more than US$4.5 billion (S$6.1 billion) in funds belonging to 1MDB were allegedly misappropriated by high-level officials of the 1MDB and their associates, including Low.

The 1MDB was created to promote economic development in Malaysia through global partnerships and foreign direct investment and was meant to be used to improve the well-being of the Malaysian people.

The agreement with the U.S. Department of Justice will not affect, or release the criminal actions against Low.

He still faces charges in both the U.S. and Malaysia for allegedly conspiring to misappropriate billions of dollars from Malaysia's state-owned wealth fund.

Top image @jho_low/X.