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A Beverly Hills Hotel, Bought With Looted Money, Goes on Sale

  • July 03, 2020

The forfeiture actions involving Mr. Low and his associates have moved on a separate track from the criminal investigation, led mainly by prosecutors in Los Angeles and Washington. In all, federal authorities have seized assets worth as much as $900 million, including Mr. Low’s investment interests in the EMI music publishing portfolio, the Park Lane Hotel in New York, the production rights to three Hollywood movies and a luxury shopper’s list of other assets.

In October, Mr. Low — who is believed to be living in China — and his associates gave up all claims to the seized property. Some has already been sold: Mr. Low’s stake in the EMI portfolio went to Sony for $415 million in 2018, and his share of the Park Lane Hotel, which overlooks Central Park, was sold last year for $139 million.

Federal prosecutors say that, so far, they’ve returned about $500 million to the people of Malaysia from selling seized assets. And they’re still looking for more: On Wednesday, the Justice Department said it was seeking the forfeiture of $96 million in cash and property, including accounts in Luxembourg and Switzerland, real estate in Paris, and two paintings by Andy Warhol.

Malaysia is seizing and selling, too. It collected an additional $126 million from the sale of Mr. Low’s superyacht, a 300-foot vessel with a helipad and 11 guest cabins. The Malaysian government also confiscated tens of millions of dollars in cash, gold and jewelry from Mr. Najib, who is trying to make something of a political comeback even as he stands trial there on corruption charges.

Article source: https://www.nytimes.com/2020/07/03/business/viceroy-beverly-hills-1MDB-fraud.html

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