Fugitive financier Low Taek Jho, also known as Jho Low, has been ordered by a federal judge in Los Angeles to forfeit a collection of high-value diamonds, including a 7.35-carat ring and matching earrings, both exceeding 3 carats. These items, described as “flawless,” were purchased from jeweler Lorraine Schwartz, known for creating pieces for celebrities such as Beyoncé and Adele.
The judge ruled that the diamonds, valued at approximately US$1.17 million (RM5.5 million) for the ring and US$628,000 (RM2.9 million) for the earrings, were acquired using funds misappropriated from Malaysia’s 1Malaysia Development Bhd (1MDB) sovereign fund. Lorraine Schwartz, based in New York, is also known for designing a necklace worth US$23 million (RM107.8 million) with a large pink diamond, commissioned by Datin Seri Rosmah Mansor, the wife of Malaysia’s former prime minister Datuk Seri Najib Razak.
Judge Dale Fischer concluded that the diamonds were a gift from Low to his mother, Evelyn, but deemed them to be proceeds of criminal activity linked to the 1MDB fraud. Despite recent negotiations between Low and the US Department of Justice (DoJ) resulting in an agreement to settle civil forfeiture cases and recover over US$100 million in assets, including funds allegedly embezzled from 1MDB, the Malaysian government continues its pursuit of Low.
In a separate development, former 1MDB lawyer Jasmine Loo was also ordered to forfeit a Pablo Picasso pencil sketch titled “Trois Femmes Nues et Buste d’Homme,” which she purchased for approximately US$1.4 million (RM6.6 million). Loo had recently testified as a prosecution witness in Najib’s trial concerning the misappropriation of RM2.27 billion from 1MDB.
