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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Market

Art Dealer Claims Monet in 1MDB Scandal

Posted on 21 October 2016

Justice Department alleges Jho Low bought painting using money stolen from government fund. Sometimes seizing an asset isn’t as easy as taking a painting off the wall, even for the Justice Department.
Since July, U.S. prosecutors have been seeking forfeiture of roughly $1 billion worth of assets—including four artworks by Vincent van Gogh and Claude Monet—allegedly owned by Malaysian financier Jho Low. Investigators say Mr. Low bought the art using money believed to be stolen from 1Malaysia Development Bhd., a government investment fund known as 1MDB, according to court filings. Civil forfeiture suits filed by the Justice Department are pending…………………………………….Full Article: Source


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