Malaysia has publicly displayed artworks by Pablo Picasso and Joan Miró, among others, which authorities allege were purchased with funds stolen from the multibillion-dollar state investment fund 1Malaysia Development Berhad (1MDB). The four paintings were repatriated from New York and unveiled at the headquarters of the Malaysian Anti-Corruption Commission (MACC) in Putrajaya.
Artworks recovered from 1MDB scandal
The recovered works include Joan Miró's Composition (1953), Maurice Utrillo's Maison de rendez-vous de chasse de Henri IV, rue Saint-Vincent, Montmartre (1934), Balthus's Étude pour femme couchée (1948), and Pablo Picasso's L'Ecuyère et les clowns (1961). Malaysian authorities estimate their combined value at approximately $198,125 (£145,443).
Background of the 1MDB scandal
The 1MDB fund was established in 2009 by then-Prime Minister Najib Razak. According to the US Department of Justice, over $4.5 billion was misappropriated from the fund between 2009 and 2014, used to acquire luxury assets and even finance the 2013 film The Wolf of Wall Street. The scandal triggered international investigations and contributed to Najib's electoral defeat in 2018. Najib has denied wrongdoing but has been imprisoned since 2022 after losing a final appeal in a related corruption case. In December 2023, he received an additional 15-year sentence in another 1MDB-linked case, which he is appealing.
Recovery process and cooperation
The artworks were traced through auction houses Sotheby's and Christie's in New York and recovered with assistance from the FBI and the US Department of Justice. MACC chief commissioner Azam Baki stated, "These artworks are not merely of commercial value, but also stand as historical symbols of the country's largest corruption scandal." He added, "This is a betrayal of the people's money. No matter how large the amount stolen through this scandal, every cent belonging to the people must be returned."
The paintings arrived in Malaysia in wooden crates and were unpacked under controlled conditions supervised by the National Art Gallery. They will be transferred to the gallery within days and may later be put on public display. Azam said, "People can come and view the paintings and remember the history of the 1MDB scandal."
Ongoing investigations
US prosecutors have identified fugitive financier Jho Low as a key figure in the fraud. The recovered artworks were reportedly acquired by former 1MDB lawyer Jasmine Loo Ai Swan, who received about $26 million in 1MDB-linked funds. Loo returned to Malaysia in 2023 and has cooperated with investigators. Low remains at large. The four recovered works are part of a set of 12 identified by authorities; efforts continue to recover eight more, including pieces by Henri Matisse, Salvador Dalí, Alexander Calder, and another Picasso. Authorities are also pursuing proceeds from the sale of Claude Monet's Vétheuil au Soleil, which sold for €25.2 million and is under seizure proceedings in the US.
