London Daily

Focus on the big picture.
Friday, Jun 20, 2025

Fugitive Malaysian tycoon Jho Low nears US$1 billion settlement with US over 1MDB scandal, reports say

Fugitive Malaysian tycoon Jho Low nears US$1 billion settlement with US over 1MDB scandal, reports say

Deal would be biggest recovery of funds under US government’s Kleptocracy Asset Recovery Initiative and resolve more than dozen forfeiture lawsuits. Settlement will not include an admission of guilt or wrongdoing and will not be tied to criminal action against Low
Fugitive Malaysian financier Jho Low, widely viewed as the mastermind behind the multibillion dollar plunder of the 1MDB state fund, is poised to forfeit some US$1 billion to the US Department of Justice in a tentative settlement in civil forfeiture cases surrounding the scandal, reports said on Thursday.

Bloomberg, The New York Times and Malaysian business daily The Edge Markets reported the imminent settlement deal, citing sources with knowledge of the matter.

The reports said the deal will not include an admission of guilt or wrongdoing and would not be tied to criminal action against him.

The settlement could be filed in a California court as soon as this week, according to Bloomberg. The settlement would be the biggest recovery of funds under the US government’s Kleptocracy Asset Recovery Initiative. The Bloomberg source said the settlement would resolve more than a dozen forfeiture lawsuits.

The Department of Justice first announced the filing of civil forfeiture complaints in 2016, during the era of President Barack Obama.

Then attorney general Loretta E. Lynch said at the time that the action was taken as a warning that it would not allow the US financial system to be used as a conduit for corruption by officials around the world.

A Department of Justice spokesman declined to comment when contacted by This Week in Asia on Thursday. Low's New York-based spokesman did not respond to a request for comment.

The reports said the settlement will involve the recovery of funds from the sale of properties in Los Angeles, London and New York, as well as a Bombardier plane currently impounded in Singapore.

The US$1 billion amount is also expected to include a large chunk of investment in private equity.

The development comes amid an ongoing criminal trial involving Najib Razak, the former Malaysian prime minister who founded 1MDB in 2009 with Low’s help.

Najib, defeated in elections last year partly because of allegations of his involvement in the plunder, is facing 42 charges for his role in losses at the fund and companies linked to it.

Prime Minister Mahathir Mohamad, the 94-year-old ex-leader who returned to the helm after defeating Najib, has said that recouping the 1MDB’s losses – estimated to be over US$4.5 billion – is one of his government priorities.

In court, Najib’s lawyers have sought to paint the 66-year-old as having been duped by Low into believing that some US$681 million revealed to be in his personal accounts came from donations from the Saudi royal family.

Low has denied wrongdoing but has said he will not return to face justice in Malaysia because he has no faith in the justice system under Mahathir’s government.

The cherubic businessman is a wanted man in Malaysia and neighbouring Singapore – one among several jurisdictions that are involved in the 1MDB investigations.

Malaysia is separately seeking some US$3.3 billion in compensation from Goldman Sachs, the US investment bank which raised bonds for 1MDB.

The country’s attorney general, Tommy Thomas, said in an interview with Nikkei Asian Review earlier this month that two rounds of talks have taken place between his officials and the US bank, with the gulf remaining “very wide”.

17 current and former Goldman executives are among a slew of individuals who are facing criminal charges for their role – direct or indirect – in the saga.

Others include the Najib-era chief of the treasury, Irwan Serigar Abdullah, and Arul Kanda Kandasamy, a former 1MDB chief executive.
Newsletter

Related Articles

0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
UK Home Secretary Apologizes Over Child Grooming Failures
Trump Organization Launches 5G Mobile Network and Golden Handset
Towcester Hosts 2025 English Greyhound Derby Amid Industry Scrutiny
Gary Oldman and David Beckham Knighted in King's Birthday Honours
Over 30,000 Lightning Strikes Recorded Across UK During Overnight Storms
Princess of Wales Returns to Public Duties at Trooping the Colour
Red Arrows Use Sustainable Fuel in Historic Trooping the Colour Flypast
Former Welsh First Minister Addresses Unionist Concerns Over Irish Language
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
France Bars Israeli Arms Companies from Paris Defense Expo
King Charles Leads Tribute to Air India Crash Victims at Trooping the Colour
Jack Pitchford Embarks on 200-Mile Walk to Support Stem Cell Charity
Surrey Hikers Take on Challenge of Climbing 11 Peaks in a Single Day
UK Deploys RAF Jets to Middle East Amid Israel-Iran Tensions
Two Skydivers Die in 'Tragic Accident' at Devon Airfield
Sainsbury's and Morrisons Accused of Displaying Prohibited Tobacco Ads
UK Launches National Inquiry into Grooming Gangs
Families Seek Closure After Air India Crash
Gold Emerges as Global Safe Haven Amid Uncertainty
Trump Reports $57 Million Earnings from Crypto Venture
Trump's Military Parade Sparks Concerns Over Authoritarianism
Nationwide 'No Kings' Protests Challenge Trump's Leadership
UK Deploys Jets to Middle East Amid Rising Tensions
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
Germany Holds First Veterans Celebration Since WWII
U.S. Health Secretary Dismisses CDC Vaccine Advisory Committee
Minnesota Lawmaker Melissa Hortman and Husband Killed in Targeted Attack; Senator John Hoffman and Wife Injured
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
×