Malaysia’s anti-graft agency vows to recover more high-value art bought with 1MDB scandal funds

Malaysia’s anti-graft agency vowed on Wednesday to recover more high-value artwork linked to the multibillion-dollar 1MDB scandal after putting four recently retrieved works on display at its headquarters.

The Malaysian Anti-Corruption Commission (MACC) successfully repatriated four pieces of artwork last month, including a 1961 Pablo Picasso print, as part of ongoing efforts to recover more than $4.5 billion siphoned from the 1Malaysia Development Berhad state fund between 2009 and 2014 in a complex, globe-spanning scheme.

U.S. investigators have said the funds, allegedly misappropriated by high-level 1MDB officials and their associates, were used to buy everything from luxury hotels to jewelry and artwork.

MACC chief Azam Baki said the four repatriated artworks were being temporarily housed at the commission’s headquarters, with Malaysia’s National Art Gallery helping to ensure they are kept under proper care and temperature controls.

“These artworks are not merely of commercial value, but also stand as historical symbols of the country’s largest corruption scandal,” Azam said at press conference on Wednesday.

The four works were valued at around $198,000, MACC said, and include Picasso’s “L’Ecuyère et les clowns” (1961), Joan Miró’s “Composition” (1953), Maurice Utrillo’s “Maison de Rendez-vous de chasse de Henri IV, ​Rue St. Vincent, ​Montmartre” (1934) and Balthus’ “Étude ⁠pour femme couchée” (1948).

Authorities have said the artworks may go on public display at Malaysia’s national art gallery and could then be auctioned for sale. The final decision will be made by the finance ministry.

A total of 12 pieces of artwork linked to 1MDB have been identified, with eight yet to be recovered, Azam said. 

To date, Malaysia has recovered about 31.3 billion ringgit ($7.9 billion) in assets, representing nearly 75% of all identified properties linked to 1MDB, he said. 

Reuters