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EFFORTS to reclaim a collection of multi-million-dollar artworks tied to the 1Malaysia Development Berhad scandal have become a key priority for the Malaysian Anti-Corruption Commission, with investigators placing the spotlight firmly on uncovering the complex financial transactions behind the pieces rather than simply retrieving them physically.
MACC Chief Commissioner Tan Sri Azam Baki explained that while the paintings themselves remain in the United States, the more critical aspect of the investigation is tracing the movement of funds linked to the assets.
The work is being carried out in close collaboration with the Federal Bureau of Investigation and the US Department of Justice.
“Through our application involving Mutual Legal Assistance, we said in the media that the aim was to bring back the paintings.
“However, what is more important is the money transactions that took place. Physically, yes, the paintings can be brought back. But in reality, the paintings have not moved anywhere,” Tan Sri Azam said during an official visit to MACC headquarters on Friday.
He emphasised that public attention has largely focused on the artworks themselves due to media coverage, but the central issue remains the flow of funds.
“The paintings made headlines, but the actual issue is the flow of money, not the paintings themselves. When we talk about the paintings, it actually involves money laundering, where an asset was used as a medium to carry out transactions,” he added.
Discussions are ongoing to ensure that both the artworks and their financial value can be returned to Malaysia through proper legal channels.
“Discussions have been held on how to bring back the paintings together with their value to Malaysia,” Tan Sri Azam noted.
According to reports, the US Department of Justice has agreed to return a collection of paintings valued at more than US$30 million, or roughly RM122 million, following two rounds of official meetings with MACC, the FBI, and the DOJ in Washington and New York in early December.
The collection, acquired by Jasmine Loo and currently under the control of the DOJ, includes 12 high-value paintings held at Christie’s and Sotheby’s auction houses in the United States. Notable works include Pablo Picasso’s 1961 piece L’Ecuyere et les clowns, Joan Miró’s Composition from 1953, William H Bailey’s Still Life, Alexander Calder’s Studies for Sculpture, and Henri Matisse’s Femme Assise, with the combined value exceeding US$30 million.
The case underscores the MACC’s approach to targeting financial misconduct and money laundering in high-profile corruption cases, highlighting that the legal and monetary tracing of assets is as significant as the physical recovery of the artworks themselves. - January 10, 2026