Jho Low, DoJ ink ‘confidential’ agreement for global settlement of assets forfeiture

Fugitive financier Jho Low’s family lawyers and financial trustees are said to have signed the confidential agreement with the US justice department in June. (File pic)

PETALING JAYA: The US justice department (DoJ) is said to have inked a confidential agreement with fugitive financier Low Taek Jho, or Jho Low, to reach a global settlement to the forfeiture of 1MDB assets.

The global settlement would “forever resolve” Washington’s civil, criminal and administrative asset forfeiture actions of such assets, Channel NewsAsia (CNA) reported.

The DoJ is said to have signed the confidential agreement with Low’s family lawyers and their financial trustees in June.

According to documents reviewed by CNA, the updated settlement plan would see the surrendering of assets that were previously identified by the authorities.

Assets that were not previously claimed or captured by prosecuting agencies worldwide would also be handed over.

The agreement is linked to the DoJ’s announcement on June 26 that it would be recovering an additional US$100 million in resolving two civil forfeiture cases, including artworks by Claude Monet and Andy Warhol.

The DoJ previously brought the cases against assets that it alleges were acquired by Low and his family using funds allegedly embezzled from 1MDB.

The flamboyant businessman also agreed to cooperate in the transfer to Malaysia of certain other assets located in Hong Kong, Switzerland and Singapore that are linked to the state investment arm’s funds.

The DoJ also said the agreement it announced on Wednesday did not “release any entity or individual from filed or potential criminal charges”.

Earlier this month, Washington said that to date it has been able to recover as well as assist in recovering and returning about US$1.4 billion (RM6.6 billion) in 1MDB-related funds misappropriated from Malaysia.