Picasso Artwork Allegedly Bought with 1MDB Funds Seized by US

A recent report revealed that US officials have recovered a $1.2 million Picasso drawing, Trois femmes nues et buste d'homme (1969), allegedly purchased with misappropriated funds from Malaysia's 1Malaysia Development Berhad (1MDB) fund. The work, bought at a Christie's New York auction in 2014, was secured through a deal with Jasmine Loo Ai Swan, the former general counsel of 1MDB. The 1MDB fund, established to foster economic growth in Malaysia, became embroiled in a major corruption scandal, with over $4.5 billion embezzled by high-ranking officials, including then-Prime Minister Najib Razak and financier Low Taek Jho, also known as Jho Low. Alongside the Picasso piece, other artworks by renowned artists such as Vincent van Gogh, Claude Monet, Jean-Michel Basquiat, and Diane Arbus, allegedly purchased with stolen funds, have also been subject to forfeiture orders. The Justice Department has been actively working to recover assets linked to the 1MDB scandal, with more than $1.4 billion returned to date. This case underscores the extensive global reach and impact of the 1MDB corruption scandal, which has also led to legal actions against Jho Low in the US for conspiracy and money laundering.