RM93.2 million worth of assets seized in Jasmine Loo's 1MDB probe

Two Pablo Picasso paintings, luxury watches, and high-end condominiums in London, the US, and Switzerland are among the assets seized from former 1MDB lawyer Jasmine Loo Ai Swan.

Deputy Inspector-General of Police Ayob Khan Mydin Pitchay said that the assets, worth RM93.2 million, were believed to have been obtained as a result of the misappropriation of 1MDB funds.

He said that the police had seized various items, worth RM625,500, from a condominium unit in Bukit Damansara, which was used as a location to store assets obtained, believed to be a result of the misappropriation of 1MDB funds by Loo.

"Among the items that were seized were a Richard Mille and a Harry Winston luxury watch, 13 handbags of various brands, a bracelet, and documents," he said in a special press conference in Bukit Aman today.

He said that the investigations found that Loo was offered a position in the company in 2011 and received a salary of RM40,000 a month.

"Apart from that, the investigation found that Loo is the owner of a company registered in the British Virgin Isles, and she also has a joint account with Jho Low at Falcon Private Bank," he said.

He said that Loo also received money from several companies and entities worth US$16 million, which was used to buy properties in New York and London and make investments in the US.

"Of the total, US$5 million has been frozen by the US Department of Justice," he said, adding that Loo had received a number of gifts from Jho Low, among them Richard Mille and Harry Winston luxury watches and Berkin handbags.

Loo also, according to Ayob Khan, owns several assets in Singapore, including a bank account at Credit Suisse AG with a balance of SGD4 million and BSI Bank Singapore with a balance not yet identified.

Ayob Khan said that Loo also owns two condominium units, worth SGD1.3 million and SGD2.5 million, in the republic and has signed a document to hand over all her assets back to 1MDB.

"This document was submitted to the Commercial Crime Affairs Department of Singapore on Aug 30," he said.

He said that the police had also identified assets in London, the US, and Switzerland that were the result of misappropriation of funds from the country's investment company, including nine paintings (two of which are Picassos), worth RM8.1 million; two luxury condominiums; and cash amounting to RM23 million kept in bank accounts.

"Efforts are underway to bring these assets back to 1MDB; however, it will take time because it involves foreign agencies," he said.

Commenting on the possibility of Loo being made a witness in the ongoing 1MDB trial, Ayob Khan did not rule out any possibility, as the investigation into 1MDB was carried out by various parties and is still ongoing.

He said that Loo is fine and is fully cooperating.

"Perhaps she turned herself in, as it is difficult to hide abroad for a long period of time. The police will also complete the investigation against her in the near future and will hand her over to other enforcement agencies," he said.