U.S. Recovers Monet and Warhol Linked to Fugitive Financier Jho Low

The Malaysian businessman still faces federal charges from the alleged 1MDB fraud. He's believed to be in China.

Mr. Jho Low in New York City. Photo ©Patrick McMullan, J Grassi/PatrickMcMullan.

The U.S. Department of Justice said today that it has reached an agreement with the Malaysian fugitive financier Jho Low, members of his family, and related entities that will recoup an additional $100 million in assets that were linked to the alleged 1MDB (1Malaysia Development Berhad) fraud. Those assets will be transferred to Malaysia.

As with previous Jho Low-related seizures and recoveries, blue-chip art has a major role in this development. According to the DOJ’s statement, the agreement resolves a civil forfeiture action against art by Claude Monet and Andy Warhol located in Switzerland, as well as a luxury apartment in Paris. The DOJ said that together these assets are worth an estimated $35 million,

Low, who’s also known as Low Taek Jho, has been accused of siphoning billions from 1MDB, which was owned by the Malaysian government. He has denied any wrongdoing, saying that the allegations are politically motivated, and is believed to be living in China.

DOJ reps did not respond to Artnet’s request for comment and further information about the artworks. Previous legal filings in the case have provided details about the acquisition of some artworks by Low or related entities, including a Vincent van Gogh drawing and two Claude Monet paintings. It’s not clear if the Monet seized in Switzerland was previously identified in those docs.

Prior to today’s announcement, the U.S. said that it has returned, or assisted in the return, of over $1.4 billion in assets to Malaysia that authorities say were used in a scheme that involved international money laundering, embezzlement, and bribery.

A Monet linked to Jho Low. It is not clear that the painting recovered by U.S. officials today is this work. Courtesy the U.S. Department of Justice.

Jho Low still faces charges in the Eastern District of New York for allegedly conspiring to launder billions of dollars embezzled from 1MDB and for allegedly conspiring to violate the Foreign Corrupt Practices Act by paying bribes to various Malaysian and Emirati officials. He also faces charges in the District of Columbia for allegedly conspiring to make and conceal foreign and conduit campaign contributions during the U.S. presidential election in 2012.

1MDB approached Goldman Sachs in 2013 to sell $3 billion of bonds and requested that the proceeds be deposited in an account at BSI AG, a small private bank in Switzerland, according to the Wall Street Journal. Roughly half of those proceeds ended up in offshore accounts overseen by a Low associate, according to the Justice Department.

A Vincent Van Gogh drawing linked to Low. Courtesy the U.S. Department of Justice.

That associate allegedly used the funds to acquire more than $100 million worth of art, including a pen and ink drawing by Van Gogh, La Maison de Vincent à Arles, for $5.5 million at Christie’s in November 2013.

Actor and art collector Leonardo DiCaprio was entangled with some artworks allegedly connected to Low. Seven years ago, he voluntarily handed over to U.S. authorities a $3.2 million Pablo Picasso painting and a $9 million Jean-Michel Basquiat collage.


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