POLICE seized nine paintings, luxury watches and designer handbags worth millions of ringgit from former 1Malaysia Development Bhd (1MDB) general counsel Jasmine Loo Ai Swan, Deputy Inspector-General of Police Ayob Khan Mydin Pitchay said.

Ayob said the luxury items, including two Pablo Picasso paintings, were believed to have been purchased using 1MDB funds.

Some of the assets were discovered at an establishment in Bukit Damansara, Kuala Lumpur while some were kept by Loo abroad, Ayob told a press conference.

“Loo was detained in July. She also admitted to having owned several assets in the United States, Switzerland and Singapore, which she had purchased using funds from 1MDB.

“She was also the founder of River Dee International SA in Falcon Private Bank AG in Zurich.

“There were five transactions involving US$16 million (RM74.5 million), which she had received from several companies and entities. She then purchased a property in New York worth RM4.6 million and another in London worth RM2.7 million,” Ayob said.

He said Loo also received cash, luxury watches and several branded handbags, including a Birkin from wanted businessman, Low Taek Jho, or popularly known as Jho Low.

At the building in Bukit Damansara, investigators discovered assets worth RM625,000, which included Richard Mille and Harry Winstone watches, Ayob said. 

He added that Loo’s last position with 1MDB was as its general counsel in 2011 where she received, RM40,000 a month as her salary.

RM93.2 million in assets confiscated

Meanwhile, Ayob said the total amount of assets seized from Loo is RM93.2 million.

“All these assets were purchased in 2013 and we believed they are of higher value today. The calculation is made based on the price back in 2013.”

Loo owned a US$4.6 million apartment in New York, an apartment in London (US$2.7 million), a Richard Mille watch, a Harry Winstone watch, designer handbags, a gold bracelet, nine paintings (RM8.1 million), and several foreign bank accounts containing tens of millions.

On July 12, Home Minister Saifuddin Nasution Ismail confirmed that police had detained Loo on July 7 to assist in investigations into 1MDB. 

Loo, a former 1MDB group strategic executive director, was believed to have been part of fugitive businessman Low’s inner circle and possessed information regarding 1MDB. 

Last week, Malay Mail reported that the US administration had filed a civil suit in a bid to seize an artwork by Picasso, which it claimed was purchased by Loo using US$1.3 million misappropriated from 1MDB.

It wants to forfeit Picasso’s pencil on paper drawing known as “Trois Femmes Nues et Buste D’Homme”, as well as all the funds and assets in a Swiss bank account held under the name of Loo’s Glen Vine Partners Limited. – September 4, 2023.