Malaysia 1MDB scandal: Jho Low, US reach secret deal to try to ‘forever’ resolve forfeiture case

The confidential agreement is tied to a DOJ announcement that it is to recover an additional US$100 million in resolving 2 civil forfeiture cases

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Fugitive financier Jho Low has signed a secret deal with the US DOJ to “forever” end a 1MDB-linked forfeiture case, according to CNA. Photo: SCMP

Published: 4:20pm, 28 Jun 2024Updated: 5:15pm, 28 Jun 2024

The United States Department of Justice (DOJ) has entered into a confidential agreement with fugitive financier Jho Low in a bid to reach a global settlement – and possibly a final chapter – to the years-long asset forfeiture campaign tied to the corruption scandal at 1Malaysia Development Bhd (1MDB).

The global settlement agreement would “forever [resolve] United States’ civil, criminal and administrative asset forfeiture actions or proceeding relating to the disposition” of assets tied to 1MDB, according to documents reviewed by reporters.

According to the documents as well as executives close to the situation, the DOJ signed a confidential agreement in early June with Low’s family lawyers and their financial trustees.

It would involve surrendering assets previously identified by the authorities, as well as those not previously claimed or captured by prosecuting agencies worldwide, under a fresh settlement plan.

It is a deal that could bring closure to one of Washington’s longest-running asset forfeiture cases that former US Attorney General Jeff Sessions described as “kleptocracy at its worst”.

The agreement to try and reach a global settlement was signed by Margaret A. Moeser, Acting Chief of the Money Laundering and Asset Recovery section in the Criminal Division of the DOJ, lawyers for the Lows’ financial trustee and Low’s family lawyer Robin Rathmell of law firm Kasowitz Benson Torres.