Putrajaya: Four paintings by world-renowned artists tied to the 1Malaysia Development Berhad (1MDB) funds scandal are expected to arrive in Malaysia on April 6, announced the Malaysian Anti-Corruption Commission (MACC).
According to BERNAMA News Agency, MACC Chief Commissioner Tan Sri Azam Baki stated that the artworks include L'Ecuy¨re et les clowns (1961) by Pablo Picasso, Montmartre (1934) by Maurice Utrillo, Etude pour femme couch©e (1948) by Balthus, and Composition (1953) by Joan Mir³. The paintings, owned by 1MDB's former lead counsel Jasmine Loo, were confirmed by the United States Department of Justice (DOJ) to be connected to the 1MDB scandal.
The paintings are set to arrive at the MACC headquarters in Putrajaya, facilitated by cooperation between the MACC, the Federal Bureau of Investigation (FBI), and the DOJ following discussions last December. Azam noted that the paintings are currently in transit and were previously held at Sotheby's Auction House. He added that seven additional paintings remain in the custody of Christie's, another renowned auction house.
To retrieve the remaining artworks, the MACC plans to utilize the Mutual Legal Assistance (MLA) mechanism. Azam provided an estimated value for each painting based on public auctions: the Picasso is valued between USD5,000 and USD7,000, the Utrillo between USD20,000 and USD30,000, the Balthus between USD15,000 and USD20,000, and the Mir³ between USD60,000 and USD80,000. Collectively, the four paintings are estimated to be worth nearly half a million to more than RM600,000.
Previously, it was reported that 12 paintings valued at approximately USD30 million (RM140 million) linked to the 1MDB scandal would be exhibited at the National Art Gallery once in Malaysia. The exhibition aims to serve as a symbol of the country's enforcement achievements before any potential auction to return funds to the government. The MACC plans to hand over the paintings to the National Art Gallery, which possesses the necessary expertise for preserving high-value artworks.