Justice Department seeks Warhol, Monet paintings tied to 1MDB scandal
Assets also include luxury real estate in Paris.
The House Intelligence Committee is holding another hearing Thursday focused on big tech and election security. FOX Business’ Hillary Vaughn with more.
The U.S. Department of Justice on Wednesday said it was looking to recover another $96 million in assets in real estate and artwork linked to the 1Malaysia Development Berhad (1MDB) international money-laundering conspiracy.
The assets include luxury real estate in Paris and paintings by Claude Monet and Andy Warhol linked to the embezzlement of the 1MDB fund by Malaysian officials, the Justice Department said in a statement.
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French Impressionist Claude Monet's masterpieces are no strangers to record-breaking bids when they go up for auction. Now a beautiful painting of waterlilies, part of Monet's 'Nymphéas' collection, which has been in a private collection for 87 years, is expected to fetch up to $44.6 million when it hits the auction block next week. This comes one week after his 'Meules' painting sold for $110.7 million at Sotheby's New York.
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The agency has so far recovered or assisted Malaysia in recovering nearly $1.1 billion in assets related to the alleged scheme.
The Malaysian government set up the 1MDB fund in 2009. U.S. officials have estimated that $4.5 billion was siphoned out of Malaysia by high-level fund officials and associates between 2009 and 2014, in a scandal that has also embroiled Goldman Sachs Group Inc (GS.N).
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In October, the U.S. Justice Department announced its largest ever anti-kleptocracy deal, in which fugitive Malaysian financier Low Taek Jho, or Jho Low, agreed to turn over $700 million in assets.
Low has denied wrongdoing.