Malaysia brings home high-value art, including a Picasso, seized in 1MDB probe

KUALA LUMPUR, April 14 (Reuters) - Malaysia's ‌anti-graft agency said ​on Tuesday ​it had successfully repatriated four high-value pieces of artwork, including a 1961 Pablo Picasso print, recovered in connection with a multibillion-dollar scandal at state ‌fund 1MDB.

Over the past decade, Malaysia has sought to recover more ⁠than $4.5 billion siphoned from 1Malaysia Development Berhad between 2009 and 2014 in a complex, globe-spanning scheme.

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

The Malaysian Anti-Corruption Commission said in a statement ​the recovered artworks were valued at around $198,000 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).

"All artworks have been placed in a specially designated location under strict security control and are ​currently undergoing an environmental stabilisation process to ensure optimal preservation prior to uncrating, authentication, and valuation by the National Visual Arts Development Board," ​the agency said.

The MACC said in December it ‌would repatriate a dozen pieces of art held in the United States, following discussions with officials from the Federal Bureau of Investigation and ⁠U.S. Justice Department.

The Picasso and Miró pieces were among the 12 artworks that were recovered from a former 1MDB lawyer and then stored at the Christie's and Sotheby's auction houses, the MACC ⁠said.

Authorities have said the artwork may be publicly displayed at Malaysia's national art gallery before potentially being ​auctioned for sale.

"Each recovered asset, including these artworks, demonstrates that there is no safe haven for illicit proceeds to be concealed, even when involving complex cross-border financial networks," the MACC said on ‌Tuesday.

To date, Malaysia has recovered about 31.2 billion ringgit ($7.90 billion) in assets, representing nearly 70% of all identified properties linked to 1MDB, ‌it said.

1MDB, co-founded by former prime minister Najib Razak, has been the subject of corruption and ⁠money laundering investigations in at least ‌six countries. Najib, who has ​consistently denied wrongdoing, was jailed in 2022 after being convicted of graft linked to the scandal.

($1 = 3.9490 ringgit)

(Reporting by Rozanna Latiff; Editing by ‌Sharon Singleton)

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