This article first appeared in The Edge Financial Daily on October 31, 2019

SINGAPORE: Low Taek Jho, the alleged mastermind behind the 1MDB saga, has reached a settlement with the US Department of Justice (DoJ) in respect of the civil forfeiture proceedings brought against him, The Edge Singapore understands.

Under terms of the settlement, Jho Low, as he is more popularly known, is willing to have all his assets in the US forfeited. The assets are valued conservatively at US$670 million (RM2.79 billion).

Ever since the US authorities launched their probe into this case, they have brought 30 forfeiture lawsuits seeking real estate, investments, art and jewellery valued at some US$1.7 billion bought by Jho Low and his accomplices.

This settlement will have no impact on the criminal charges against Jho Low, who remains a wanted man by both Malaysian and Singapore authorities. He has been on the run since the former prime minister Datuk Seri Najib Razak lost the elections last May.

Over the past year or so, several of Jho Low’s trophy assets, presumably bought with money he skimmed off from 1MDB, have been sold. They include his superyacht, The Equanimity, and most recently, his London office.

Other assets, such as his private jet, has been kept languishing. The Bombardier plane remains impounded at Singapore’s Seletar Airport. — The Edge Singapore