KUALA LUMPUR, Sept 4 — Two Pablo Picasso paintings, luxury watches and high-end condominiums in London, the United States and Switzerland, are among assets seized from former 1Malaysia Development Berhad (1MDB) lawyer, Jasmine Loo Ai Swan.
Deputy Inspector General of Police Datuk Seri Ayob Khan Mydin Pitchay said that the assets, worth RM93.2 million, were believed to have been obtained as a result of misappropriation of 1MDB funds.
He said that the police had seized various items, worth RM625,500, from a condominium unit in Bukit Damansara here, which was used as a location to store assets obtained, believed as a result of the misappropriation of 1MDB funds by Loo.
“Among the items which were seized were a Richard Mille and a Harry Winston luxury watch, 13 handbags of various brands, a bracelet and documents,” he said in a special press conference in Bukit Aman, here today.
He said that the investigations found that Loo was offered a position in the company in 2011, and received a salary of RM40,000 a month.
“Apart from that, the investigation found that Loo is the owner of a company registered in the British Virgin Isles, and she also has a joint account with Jho Low at Falcon Private Bank,” he said.
He said that Loo also received money from several companies and entities, worth US$16, million which was used to buy a property each, in New York and London, and make investments in the United States.
“Of the total, US$5 million has been frozen by the United States Department of Justice,” he said, adding that Loo had received a number of gifts from Jho Low, among them Richard Mille and Harry Winston luxury watches and Berkin handbags.
Loo also, according to Ayob Khan, owns several assets in Singapore, including a bank account at Credit Suisse AG with a balance of SGD4 million, and BSI Bank Singapore with a balance not yet identified.
Ayob Khan said that Loo also owns two condominium units, worth SGD1.3 million and SGD2.5 million, in the republic, and has signed a document to hand over all her assets back to 1MDB.
“This document was submitted to the Commercial Crime Affairs Department of Singapore on Aug 30,” he said.
He said that the police had also identified assets in London, the United States and Switzerland, which were the result of misappropriation of funds from the country’s investment company, including nine paintings (including two Picassos), worth RM8.1 million; two luxury condominiums; and cash amounting to RM23 million kept in bank accounts.
“Efforts are underway to bring these assets back to 1MDB; however it will take time because it involves foreign agencies,” he said.
Commenting on the possibility of Loo being made a witness in the ongoing 1MDB trial, Ayob Khan did not rule out any possibility, as the investigation into 1MDB was carried out by various parties and is still ongoing.
He said that Loo is fine and is fully cooperating.
“Perhaps she turned herself in as it is difficult to hide abroad for a long period of time. The police will also complete the investigation against her in the near future, and will hand her over to other enforcement agencies,” he said.
