KUALA LUMPUR, March 31 — Four paintings by world-renowned artists linked to the misappropriation of 1Malaysia Development Berhad (1MDB) funds are in the process of being...
Pablo Picassio's 'L’Ecuyère et les clowns ' is seen here in a photo from its listing on the Christie's auction website. — Christie's screenshotand enjoy FREE RM10 & when you sign up using code VERSAMM10 with min.
cash of RM100 today! T&Cs apply.KUALA LUMPUR, March 31 — Four paintings by world-renowned artists linked to the misappropriation of 1Malaysia Development Berhad funds are in the process of being repatriated to Malaysia and expected to arrive on April 6.He said all the paintings were owned by 1MDB’s former lead counsel Jasmine Loo, with the United States Department of Justice confirming their links to the 1MDB scandal. "The works are expected to arrive at the Malaysian Anti-Corruption Commission headquarters in Putrajaya on April 6. The process of bringing the paintings back is the result of official cooperation between the MACC, the Federal Bureau of Investigation and the DOJ in Washington D.C. last December. "I understand that the paintings are currently in transit and will arrive in Putrajaya. These are Jasmine’s paintings that were held at Sotheby’s Auction House. Another seven paintings remain under the custody of the renowned auction house Christie’s,” he said when contacted today. Azam said the MACC would also use the Mutual Legal Assistance mechanism to bring back the remaining artworks still under Christie’s custody. "Based on accompanying documents, the estimated value of each painting based on public auctions is as follows: the Picasso at around USD5,000 to USD7,000; the Utrillo at around USD20,000 to USD30,000; the Balthus at around USD15,000 to USD20,000; and the Miró at around USD60,000 to USD80,000. "Overall, the four works are estimated to be worth nearly half a million to more than RM600,000, making them among the valuable art assets successfully recovered so far,” he said. Previously, it was reported that 12 paintings worth about USD30 million linked to the 1MDB scandal would be exhibited at the National Art Gallery upon their arrival in Malaysia. The artworks are understood to potentially be displayed to the public as a symbol of the country’s enforcement success before any further action, including auctioning them to return funds to the government. The MACC is expected to hand over the paintings to the National Art Gallery, which has the expertise in preserving high-value artworks. — Bernama
1Malaysia Development Berhad Pablo Picasso Jasmine Loo Maurice Utrillo National Art Gallery
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