Four valuable paintings by world-renowned artists, linked to the 1MDB scandal, are set to arrive in Malaysia on April 6 as part of asset recovery efforts.
KUALA LUMPUR: Four paintings by world-renowned artists linked to the misappropriation of 1Malaysia Development Berhad (1MDB) funds are in the process of being repatriated to Malaysia and expected to arrive on April 6.
Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Tan Sri Azam Baki said the works were L’Ecuyère et les clowns (1961) by Pablo Picasso, Montmartre (1934) by Maurice Utrillo, Etude pour femme couchée (1948) by Balthus and Composition (1953) by Joan Miró.
He confirmed that all the paintings were owned by 1MDB’s former lead counsel Jasmine Loo, with the United States Department of Justice (DOJ) verifying their links to the 1MDB scandal.
“The works are expected to arrive at the Malaysian Anti-Corruption Commission headquarters in Putrajaya on April 6,” said Azam when contacted today.
He explained that the process of bringing the paintings back is the result of official cooperation between the MACC, the Federal Bureau of Investigation (FBI) and the DOJ in Washington D.C. last December.
Azam noted that the paintings are currently in transit and were previously held at Sotheby’s Auction House, while another seven paintings remain under the custody of the renowned auction house Christie’s.
The MACC will also use the Mutual Legal Assistance (MLA) mechanism to bring back the remaining artworks still under Christie’s custody, according to Azam.
Based on accompanying documents, the estimated auction value of the Picasso is between USD5,000 and USD7,000, while the Utrillo is valued between USD20,000 and USD30,000.
The Balthus painting is estimated to be worth between USD15,000 and USD20,000, with the Miró valued between USD60,000 and USD80,000.
Overall, the four works are estimated to be worth nearly half a million to more than RM600,000, making them among the valuable art assets successfully recovered so far.
It was previously reported that 12 paintings worth about USD30 million (RM140 million) linked to the 1MDB scandal would be exhibited at the National Art Gallery upon their arrival in Malaysia.
The artworks are understood to potentially be displayed to the public as a symbol of the country’s enforcement success before any further action, including auctioning them to return funds to the government.
The MACC is expected to hand over the paintings to the National Art Gallery, which has the expertise in preserving high-value artworks.