1MDB Mastermind Jho Low Forfeits $700 Million To U.S.
Jho Low agreed on Wednesday to give up over $700 million in assets believed to be purchased with stolen money, according to Business Insider.
The 1MDB scandal started as a state fund with the intention of starting infrastructure projects in Malaysia. The entire plan turned into one of the largest financial scandals in history. Millions of dollars were embezzled into private bank accounts.
Jho Low is considered the mastermind behind the 1MDB scandal. The assets he surrendered included multiple large luxury properties in New York, London, and Beverly Hills, a boutique hotel, and various multi-million dollar investments that he was accused of making with 1MDB funds.
Attorney-General Brian A. Benczkowski said Low used these alleged embezzled funds from the fund to "engage in extravagant spending sprees, acquire one-of-kind artwork and luxury real estate, gamble freely at casinos, and prop up his lavish lifestyle."
In addition to embezzling money, Low is also under investigation for money laundering, corruption, bribery, and secretly financing campaigns in the 2012 U.S. elections. Low wrote a letter on his website regarding the matter and stated that the settlement does not "constitute an admission of guilt, liability or any form of wrongdoing by me or the asset owners."
Jho Low has settled with the U.S. regarding the 1MDB scandal and forfeited over $700 million in assets.