The US Department of Justice said the agreement is with Low Taek Jho, also known as Jho Low, members of his family and trust entities Low established, which includes a civil forfeiture of more than US$100 million. — Picture via FacebookWASHINGTON, June 27 ― The United States Department of Justice said yesterday an agreement was reached in the alleged embezzlement of US$4.5 billion from Malaysia's sovereign investment fund known as 1Malaysia Development Bhd, or 1MDB.
The DoJ said that prior to this agreement, more than US$1.4 billion in assets associated with the scheme was returned to Malaysia, American-based news agency United Press International reported.“The Low Parties have also agreed to cooperate in the transfer to Malaysia of certain other assets located in Hong Kong, Switzerland, and Singapore that are linked to 1MDB funds,” the DoJ said in a statement.
The DoJ, citing the civil forfeiture complaints, said, “From 2009 through 2015, more than US$4.5 billion in funds belonging to 1MDB were allegedly misappropriated by high-level officials of 1MDB and their associates, including Low, through a criminal conspiracy involving international money laundering and bribery.