US Officials Recover Allegedly Misappropriated $1.2m Picasso Drawing
US officials have reached an agreement with the former general counsel of Malaysia’s scandal-ridden sovereign investment development fund to recover a $1.2 million drawing by Pablo Picasso, allegedly purchased with misappropriated funds. The 1Malaysia Development Berhad (1MDB) fund, created by the Malaysian government in 2009, was embroiled in allegations of embezzlement by high-ranking officials, including then-Prime Minister Najib Razak. The mastermind behind the money-laundering scheme was said to be Malaysian financier and art collector Jho Low.
The Justice Department announced that they had made a deal with Jasmine Loo Ai Swan, the former general counsel for the 1MDB fund, to recover a Picasso drawing titled “Trois femmes nues et buste d’homme” (1969). This sketch, sold for $1.2 million in a 2014 auction at Christie’s New York, depicts a man observing three nude women in a voyeuristic scene. Along with the artwork, Loo also controlled a Swiss bank account linked to funds embezzled from 1MDB, collectively valued at about $1.8 million.
The Justice Department has obtained forfeiture orders for works by artists such as Vincent van Gogh, Claude Monet, Jean-Michel Basquiat, and Diane Arbus, allegedly purchased with funds from the 1MDB by Low. The total value of these items, along with the Loo assets, is estimated to be nearly $85 million. The US authorities have been actively pursuing civil forfeiture cases against assets acquired through the 1MDB scheme, returning or assisting in the return of over $1.4 billion in assets.
In a separate development, actor and collector Leonardo DiCaprio reportedly offered to surrender a Basquiat collage and a Picasso painting to the FBI after learning of the investigation. These artworks were gifts from individuals involved in the 1MDB scandal. Low is currently facing criminal charges for money laundering and violating the Foreign Corrupt Practices Act in connection to the embezzled funds from the fund.
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Cillian O’Rourke, studied at the National College of Art and Design in Dublin, Ireland, where he majored in Visual Communication. His work spans graphic design, illustration, and branding, with a distinct minimalist style that emphasizes simplicity and impact. Cillian has collaborated with international brands and runs his own design studio focusing on creative solutions for startups.