4 1MDB-linked artworks returned

 The total estimated value of the artworks by renowned international artists is RM786,556.25.

Artwork linked to 1MDB being transferred to MACC’s headquarters in Putrajaya today. (MACC pic)

PETALING JAYA:

 The Malaysian Anti-Corruption Commission (MACC) has confirmed that four artworks linked to 1MDB have been returned to Malaysia and are now securely kept at the anti-graft agency’s headquarters in Putrajaya.

MACC said the artworks formed part of the assets recovered in connection with the misappropriation of funds from 1MDB, through ongoing coordinated efforts between local enforcement agencies and international partners.

“Each recovered asset, including these artworks, demonstrates that there is no safe haven for illicit proceeds to be concealed, even when involving complex cross-border financial networks,” it said in a statement.

The total estimated value of the artworks is US$198,125 (approximately RM786,556.25). They comprise works by renowned international artists:

• Joan Miró – Composition (1953)
• Maurice Utrillo – Maison de rendez-vous de chasse de Henri IV, Rue St. Vincent, Montmartre (1934)
• Balthus – Étude pour femme couchée (1948)
• Pablo Picasso – L’Ecuyère et les clowns (1961)

Last month, MACC chief commissioner Azam Baki said the four paintings were owned by 1MDB’s former lead counsel Jasmine Loo, with the US Department of Justice having confirmed their links to the 1MDB scandal.

MACC today said the artworks have been placed in a specially designated location under strict security control and were currently undergoing an environmental stabilisation process.

This process ensures optimal preservation prior to authentication and valuation by the National Visual Arts Development Board.

The anti-graft agency said Malaysia has to date, recovered approximately RM31.2 billion in assets linked to 1MDB, representing nearly 70% of the total identified assets.

“This achievement is significant and is often cited as a benchmark at the international level in efforts to recover assets derived from large-scale financial crimes,” it said.

Previously, it was reported that 12 artworks worth about US$30 million (RM140 million), linked to 1MDB, would be repatriated and exhibited at the National Art Gallery before any further action, including auction, is taken to return the funds to the government.

The remaining seven paintings are still under the custody of the renowned auction house Christie’s, with authorities seeking to use the mutual legal assistance (MLA) mechanism to secure their return. - FMT