• 0
  • Home
  • About Us
  • What We Do

Shopping Cart

GPAM
  • Home
  • About Us
  • What We Do

Financier at center of 1MDB fraud case agrees to give up hundreds of millions of dollars

Jho Low and the Time Warner Center at 25 Columbus Circle (Credit: Getty Images)
Jho Low and the Time Warner Center at 25 Columbus Circle (Credit: Getty Images)

Fugitive financier Jho Low will stop fighting for assets valued between $650 million to $900 million in the massive 1MDB scandal.

He has given up his claim to assets including luxury apartments, jets, yachts and artwork that prosecutors claim he bought with stolen money, according to the New York Times. The settlement will likely impact the Time Warner Center along with multiple homes in Los Angeles.

“The message in this case is simple: The United States is not a safe haven for pilfered funds,” U.S. Attorney Nick Hanna said in a statement. “Our strict anti-money laundering controls are effective, and we will seize assets used by criminals to conceal ill-gotten gains.”

Low released a statement saying that the settlement was “the result of good faith discussions” and stressed that it “does not constitute an admission of guilt, liability or any form of wrongdoing by me or the asset owners.”

Low has never appeared in criminal court in the United States or Malaysia, and he is believed to be living in China. The agreement did not include anything about giving Low special treatment in the pending criminal cases against him.

Federal authorities have accused Low and his associates of using money from a Malaysian sovereign wealth fund to buy more than $1.7 billion worth of real estate, yachts, jets and jewelry. The fund was meant to support development in Malaysia but instead became notorious for corruption.

The Justice Department earlier this year recouped about $140 million after selling a stake Low had owned in the Park Lane Hotel.

Prosecutors are also investigating a series of bond deals that Goldman Sachs put together for 1MDB for about $6.5 billion. [NYT]  – Eddie Small

The post Financier at center of 1MDB fraud case agrees to give up hundreds of millions of dollars appeared first on The Real Deal Los Angeles.

Powered by WPeMatico

  • 31 October 2019
  • The Real Deal
  • Uncategorized
  •  Like
Agents and developers embrace high society cannabis culture →← It’s over for Barneys: Luxury retailer to be sold, stores closed
  • Recent Posts

    • Mayor Karen Bass blasts everyone but herself for wildfire mishandling May 7, 2025
    • WEA, Beverly Hills Estates cut deal on $27M Malibu Colony home May 7, 2025
    • Oil firm eyes homes, hotel near Bolsa Chica wetlands in Huntington Beach May 7, 2025
    • Bankrupt Rite Aid to market 1.3K stores, including dozens in LA County May 7, 2025
    • Carolwood flexes with new LA pocket listings portal, boasting $1B+ in inventory May 7, 2025
  • Recent Comments

    • Archives

      • May 2025
      • April 2025
      • March 2025
      • February 2025
      • January 2025
      • December 2024
      • November 2024
      • October 2024
      • September 2024
      • August 2024
      • July 2024
      • June 2024
      • May 2024
      • April 2024
      • March 2024
      • February 2024
      • January 2024
      • December 2023
      • February 2023
      • January 2023
      • December 2022
      • November 2022
      • October 2022
      • September 2022
      • August 2022
      • July 2022
      • June 2022
      • May 2022
      • April 2022
      • March 2022
      • February 2022
      • January 2022
      • December 2021
      • November 2021
      • October 2021
      • September 2021
      • August 2021
      • July 2021
      • June 2021
      • May 2021
      • April 2021
      • March 2021
      • February 2021
      • January 2021
      • December 2020
      • November 2020
      • October 2020
      • September 2020
      • August 2020
      • July 2020
      • June 2020
      • May 2020
      • April 2020
      • March 2020
      • February 2020
      • January 2020
      • December 2019
      • November 2019
      • October 2019
      • September 2019
      • August 2019
      • July 2019
      • June 2019
      • May 2019
      • April 2019
      • March 2019
      • February 2019
      • January 2019
      • December 2018
      • November 2018
      • October 2018
      • September 2018
      • August 2018
      • July 2018
      • June 2018
      • May 2018
      • April 2018
      • March 2018
      • February 2018
      • January 2018
      • December 2017
    • Global Property and Asset Mangement, Inc.
      137 North Larchmont
      Los Angeles, California 90010
      +1 213-427-1127

    © 2025 GPAM