Deal or not, the hunt is on

Deal or not, the hunt is on

PUTRAJAYA: Malaysia is aware of the deal fugitive businessman Low Taek Jho (pic), or Jho Low, has cut with the US Department of Justice (DOJ), but will not be letting up on its hunt for the fugitive businessman.

Low reportedly entered into a confidential settlement with the DOJ regarding the forfeiture of 1Malaysia Development Bhd (1MDB) assets, but sources in the federal administrative capital said this “in no way means that Malaysian authorities will stop looking for him”.

A top-ranking official with knowledge of the investigation on 1MDB and the hunt for the fugitive financier said the Malaysian government and authorities were aware of the agreement between Low and the DOJ, which had once described the 1MDB scandal as the world’s largest kleptocracy case.

“We are aware that both parties have entered into an agreement. We are in the know of what is happening.

“The agreement means that more assets related to 1MDB can be recovered and returned (to Malaysia),” the official added.

The official, however, did not disclose when the DOJ and Low had made the agreement and whether Malaysian authorities were involved in stipulating its terms.

But, the official said, Malaysia would continue to track down Low.

“The agreement is about recovery of assets.

“We have not stopped looking for him (Low) and will not stop until he is found,” the official said.

According to Channel NewsAsia (CNA), the DOJ entered into a confidential agreement with Low in a bid to reach a global settlement to the years-long asset forfeiture campaign.

Citing records it had viewed, CNA said the global settlement agreement would “forever (resolve) the United States’ civil, criminal and administrative asset forfeiture actions or proceedings relating to the disposition” of assets tied to 1MDB.

It reported that the DOJ signed a confidential agreement in early June with Low’s family lawyers and their financial trustees, which would involve surrendering assets previously identified by the authorities.

The agreement to try to reach a global settlement was signed by DOJ’s acting chief of money laundering and asset recovery section Margaret A. Moeser, lawyers for the Lows’ financial trustee and his family lawyer Robin Rathmell of law firm Kasowitz Benson Torres.

The confidential agreement, which has yet to be publicly disclosed, is tied to the announcement on Wednesday by the DOJ that it will recover an additional US$100mil in resolving two civil forfeiture cases.

The assets include artworks by Andy Warhol and Claude Monet, and financial deposits and properties in Singapore and other international locations, it added.

“As we have discussed, this settlement letter agreement takes into account your preference for the United States to handle negotiations with Malaysia, Singapore, Switzerland, France and other foreign countries,” said the document sighted by CNA.

Low was charged in absentia with one count under Subsection 28(1)(c) read together with Section 23 of the Malaysian Anti-Corruption Commission (MACC) Act in 2020, and three charges under Section 4(1) Anti-Money Laundering and Anti-Terrorism Financing Act 2001 in 2019.

There are warrants for his arrest and Interpol red notices against him.

In May, MACC senior investigating officer Nur Aida Arifin described him as the “puppet master” behind 1MDB’s operations.

She was testifying in the High Court in a 1MDB-related case involving former prime minister Datuk Seri Najib Razak, who is on trial for 25 charges in total – four for abuse of power that allegedly brought him the financial benefit to the tune of RM2.28bil; and 21 for money laundering involving the same amount of money.

The former premier is in Kajang Prison after being convicted in the RM42mil corruption case involving former 1MDB subsidiary SRC International.

Earlier this year, his 12-year sentence was commuted to six years by the Pardons Board and his fine reduced from RM210mil to RM50mil.