Four 1MDB-related Artworks Worth RM786,556 Returned To Malaysia – MACC

PUTRAJAYA, April 14 (Bernama) -- Four high-value artworks have been brought back to Malaysia and are now securely housed at the Malaysian Anti-Corruption Commission (MACC) headquarters here as part of ongoing efforts to recover assets related to the embezzlement of 1Malaysia Development Bhd (1MDB) funds.

MACC said today that the artworks in question are part of the assets successfully recovered as a result of the Malaysian government's integrated approach led by the commission through close cooperation between local enforcement agencies and international strategic partners.

According to the anti-graft agency, the total value of the artworks is estimated at USD 198,125 (RM786,556.25), involving works by world-renowned artists.

The artworks are Composition (1953) by Joan Miró; Maison de rendez-vous de chasse de Henri IV, Rue St. Vincent, Montmartre (1934) by Maurice Utrillo; Etude pour femme couchée (1948) by Balthus; and L’Ecuyere et les clowns (1961) by Pablo Picasso.

MACC said all the artworks have been placed in a special location with strict security control and are undergoing an acclimatisation process to ensure optimal preservation before the opening, verification, and evaluation processes are carried out by the National Visual Arts Development Board (LPSVN).

"The return of these artworks not only symbolises Malaysia's continued success in recovering misappropriated assets but also strengthens the country's position in implementing best practices for asset recovery at the international level," according to the statement.

MACC said that to date, Malaysia has successfully recovered assets related to 1MDB amounting to approximately RM31.2 billion, which is equivalent to nearly 70 per cent of the total identified assets.

"This achievement is a significant success and is often referenced and used as a benchmark at the international level in efforts to recover assets resulting from large-scale financial crimes," said the statement.

MACC emphasises that every asset recovery, including artworks, proves that there is no safe space for hiding the proceeds of crime, even when involving complex cross-border financial networks.

The Commission also said that it will continue to strengthen efforts in the aggressive and strategic detection and recovery of assets to ensure that every asset obtained unlawfully can be returned to the country for the benefit of the people.

-- BERNAMA