Home minister says recovering 1MDB assets priority over Jho Low
Home Minister Datuk Seri Saifuddin Nasution Ismail speaks to the media at the Community Safety Run in conjunction with the 217th Police Day in Putrajaya, on July 6, 2024. — Picture by Raymond Manuel
Saturday, 06 Jul 2024 12:20 PM MYT
PUTRAJAYA, July 6 — Home Minister Senator Datuk Seri Saifuddin Nasution Ismail today said the government is focusing on recovering assets linked to embezzled 1MDB funds over capturing fugitive financier Low Taek Jho or Jho Low.
When asked if a purported settlement between Low and the US’ Department of Justice (DOJ) would affect the hunt for alleged mastermind of the 1MDB scandal, the minister said it was more important for Malaysia to regain funds stolen from the state investment firm.
“Our focus is on asset repatriation. It is understood that there has been a resolution between the DOJ and Jho Low.
“This is a matter for the DOJ, but when it involves our nation's assets returned to the DOJ, our focus naturally shifts to the repatriation of national assets,” he told reporters at a press conference here today.
Saifuddin then said that this focus traces back to previous administrations, including those of Tun Dr Mahathir Mohamad and Tan Sri Muhyiddin Yassin.
On June 26, the US DoJ announced on its website that it had reached an agreement with Low, his family members, and trust entities he had established to resolve two civil forfeiture cases, and that it will be recovering over US$100 million in 1MDB-linked money.
The civil forfeiture cases are on assets allegedly bought by Low and his family using money allegedly embezzled from 1MDB, while Low, his family members and the related trust entities have agreed to cooperate in transferring other assets in Hong Kong, Switzerland and Singapore that are linked to 1MDB funds to Malaysia.
Singapore news outlet CNA reported last month of a confidential global settlement agreement between the DoJ and Low made in early June that would reportedly “forever (resolve) United States’ civil, criminal and administrative asset forfeiture actions or proceeding relating to the disposition” of 1MDB-linked assets.
Saturday, 06 Jul 2024 12:20 PM MYT
PUTRAJAYA, July 6 — Home Minister Senator Datuk Seri Saifuddin Nasution Ismail today said the government is focusing on recovering assets linked to embezzled 1MDB funds over capturing fugitive financier Low Taek Jho or Jho Low.
When asked if a purported settlement between Low and the US’ Department of Justice (DOJ) would affect the hunt for alleged mastermind of the 1MDB scandal, the minister said it was more important for Malaysia to regain funds stolen from the state investment firm.
“Our focus is on asset repatriation. It is understood that there has been a resolution between the DOJ and Jho Low.
“This is a matter for the DOJ, but when it involves our nation's assets returned to the DOJ, our focus naturally shifts to the repatriation of national assets,” he told reporters at a press conference here today.
Saifuddin then said that this focus traces back to previous administrations, including those of Tun Dr Mahathir Mohamad and Tan Sri Muhyiddin Yassin.
On June 26, the US DoJ announced on its website that it had reached an agreement with Low, his family members, and trust entities he had established to resolve two civil forfeiture cases, and that it will be recovering over US$100 million in 1MDB-linked money.
The civil forfeiture cases are on assets allegedly bought by Low and his family using money allegedly embezzled from 1MDB, while Low, his family members and the related trust entities have agreed to cooperate in transferring other assets in Hong Kong, Switzerland and Singapore that are linked to 1MDB funds to Malaysia.
Singapore news outlet CNA reported last month of a confidential global settlement agreement between the DoJ and Low made in early June that would reportedly “forever (resolve) United States’ civil, criminal and administrative asset forfeiture actions or proceeding relating to the disposition” of 1MDB-linked assets.
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