US DoJ’s $1 billion settlement with fugitive financier will provide little near-term joy to Malaysia’s 1MDB recovery efforts
A milestone deal reached between fugitive Malaysian financier Low Taek Jho and the United States Department of Justice (DoJ) to recoup US$1 billion allegedly pilfered from the 1Malaysia Development Berhad (1MDB) state investment fund has been hailed as the largest civil forfeiture settlement in US history.
The 38-year old better known as Jho Low who purportedly pulled off one of the biggest ever financial heists said he was “very pleased” with the deal announced last week, which does not constitute an admission of guilt or liability.
But for Malaysia, which seeks to extradite Low on money laundering charges and restore the country’s financial standing through the recovery of billions of dollars of pilfered funds, neither progress nor justice will likely come any time soon.
Widely seen as the mastermind behind the scandal, Low staunchly denies responsibility and says charges against him are politicized. Yet as part of the US DoJ settlement, Low and his family members have agreed to forfeit over $700 million in assets tied to the globe-spanning, multi-billion dollar corruption scandal.
Nile Bowie is a journalist and correspondent with the Asia Times covering current affairs in Singapore and Malaysia. He can be reached at nilebowie@gmail.com.
A milestone deal reached between fugitive Malaysian financier Low Taek Jho and the United States Department of Justice (DoJ) to recoup US$1 billion allegedly pilfered from the 1Malaysia Development Berhad (1MDB) state investment fund has been hailed as the largest civil forfeiture settlement in US history.
The 38-year old better known as Jho Low who purportedly pulled off one of the biggest ever financial heists said he was “very pleased” with the deal announced last week, which does not constitute an admission of guilt or liability.
But for Malaysia, which seeks to extradite Low on money laundering charges and restore the country’s financial standing through the recovery of billions of dollars of pilfered funds, neither progress nor justice will likely come any time soon.
Widely seen as the mastermind behind the scandal, Low staunchly denies responsibility and says charges against him are politicized. Yet as part of the US DoJ settlement, Low and his family members have agreed to forfeit over $700 million in assets tied to the globe-spanning, multi-billion dollar corruption scandal.
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