Dr M: Malaysia will make claim on 1MDB assets in US

Malaysia will now proceed to make a claim over 1Malaysia Development Berhad (1MDB) assets in the United States following a settlement by the United States Department of Justice (DoJ) involving the recovery of 1MDB assets.

Prime Minister Dr Mahathir Mohamad said part of 1MDB money had been used by fugitive businessperson Low Taek Jho (also known as Jho Low) to buy assets in America, estimated to be worth USD600 million.

“He (Low) has now surrendered (...) not to contest against DoJ. Therefore, DoJ now holds and freezes the assets that were bought with Malaysian money," said the prime minister.

“We had proof he (Low) was using Malaysia’s money to buy the assets and we will now make a claim to the American government,” he told reporters after an official visit to Bangunan Sultan Iskandar Customs, Immigration and Quarantine Complex (BSI) in Johor Baru today.

In a statement today, the DoJ said it had reached a settlement to recover more than US$700 million worth of assets acquired by fugitive businessman Low Taek Jho, or Jho Low, and his family using funds allegedly misappropriated from 1MDB.

The DoJ said the assets were located in the United States, the United Kingdom and Switzerland.

Low is reportedly residing in the United Arab Emirates and has obtained asylum in another country on the basis of human rights and political persecution.

Low’s spokesperson confirmed that the businessperson was in the UAE and had been shuttling between the Middle East and Europe since June.

Commenting on whether the Prime Minister is responsible in making decisions overselling and disposal over government strategic assets, Mahathir said: “I am the chairman of Khazanah Nasional, so in a way, I am involved.”

“We had to sell assets because the previous government lost a huge sum of money which we had to pay,” he said by doing that, the government used the money to repay debts made by the previous government.

Dr Mahathir said these strategic assets were sold through a proper channel, which was through a tender process and with good prices offered by bidders.

- Bernama