In what can be termed the biggest recovery for the United States Justice Department’s Kleptocracy Asset Recovery Initiative, a total of $1 billion will be recovered from fugitive financier Jho Low, currently hiding in a country with an extradition agreement with Malaysia according to the Malaysian Police, involved in the 1MDB global corruption scandal.
Low, who was accused by prosecutors of orchestrating the theft of more than $4 billion from the 1MDB which was spent towards a private jet, a superyacht, mansions, diamonds and also Hollywood movie productions.
The deal is yet to be approved by a federal judge and doesn’t include admission to the listed crimes or relieve Low from the other charges levelled against him.
The assets worth over 700 million to be recovered include a luxury hotel in Beverly Hills, high-end real estates in both London and New York and the initial $260 million of assets seized by the Department of Justice.
Goldman Sachs is still trying to recover from the reputational damage of helping to raise those funds and has remained in conversation with both the United States and Malaysian governments. A now-former senior executive has also pleaded guilty to his role in the whole debacle.