US looking to sell two 1MDB condos, Latest World News - The New Paper

US looking to sell two 1MDB condos

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KUALA LUMPUR : US prosecutors are seeking to sell two luxury condominiums in New York City linked to fugitive financier Low Taek Jho, court documents showed, the latest effort to recover money allegedly stolen from Malaysia's state fund 1 Malaysia Development Berhad (1MDB).

Low, also known as Jho Low, has been charged in Malaysia and the United States for his role in the suspected theft of about US$4.5 billion (S$6.2 billion) from state fund 1MDB.

Low has denied wrongdoing and his whereabouts are unknown.

Since 2016, the US Department of Justice has filed forfeiture lawsuits on about US$1.7 billion in assets allegedly bought with stolen 1MDB funds, including a private jet, luxury real estate and jewellery.

This month, the US began returning to Malaysia some US$200 million recovered from the sale of seized assets.

On Wednesday, US prosecutors and the holding companies for two New York apartments asked a California court to lift a stay on forfeiture proceedings so that the properties can be sold, court filings showed.

The properties are a US$31 million penthouse in the Time Warner Centre allegedly bought by Low in 2011, and a US$14 million condominium in a trendy Manhattan neighbourhood bought in 2014.

Low's spokesman said his client was "aware of two further successfully negotiated agreements with the US government".

"This continued ongoing collaboration is crucial in order to protect both the value of the assets and the parties' legal rights," the spokesman said in a statement.

US prosecutors this month sought permission to sell a US$39 million Los Angeles mansion that was also allegedly bought with 1MDB proceeds. - REUTERS