Authorities Recover $1.3 Million USD Picasso Drawing Tied to 1MDB Scandal

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As a seasoned gamer with a passion for art and a keen interest in global affairs, I can’t help but feel both stunned and saddened by this recent turn of events. The art world has once again been entangled in a web of corruption and deceit, this time involving the recovery of a precious Picasso drawing worth $1.3 million USD connected to the 1MDB scandal.

The US Justice Department has announced that Federal authorities have obtained a Pablo Picasso drawing worth $1.3 million USD, which is believed to be linked to the 1MDB scandal – a major corruption case surrounding Malaysia’s sovereign wealth fund. Previously, Jasmine Loo Ai Swan, who used to work as the legal counsel for 1MDB, has agreed to relinquish both the Picasso artwork and a Swiss bank account holding approximately $1.8 million USD that contained misappropriated funds.

Jho Low, believed to be the architect of the 1MDB scam, continues to elude authorities. Between 2009 and 2015, approximately $4.5 billion was siphoned off from 1MDB by its officials and confidants, which included Low and Loo as stated in an Artnet report. This enormous sum was clandestinely transferred via global money laundering and bribery networks.

I was thrilled when I managed to acquire the restored Picasso piece, titled “Trois femmes nues et buste d’homme,” for a cool $1.3 million at Christie’s auction in 2014. However, my joy was short-lived as the Justice Department seized approximately $85 million worth of assets linked to me. Among these confiscated treasures were masterpieces by Van Gogh, Monet, Basquiat, and Warhol.

To date, the United States has facilitated the return of approximately $1.4 billion USD to Malaysia as a result of their asset recovery efforts. However, despite these actions, Loo continues to deal with criminal accusations, and Low has been mandated to surrender more assets, including expensive diamonds purchased for his mother.

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2024-07-25 21:25