KUALA LUMPUR (Aug 13): Malaysia is seeking to repossess a US$35 million ($48.1 million) private jet owned by financier Low Taek Jho as part of investigations into a multi-billion dollar scandal at state fund 1MDB, Prime Minister Mahathir Mohamad said on Sunday.

The financier, also known as Jho Low, bought the Bombardier Global 5000 jet for US$35.4 million in 2010 using funds allegedly taken from 1Malaysia Development Berhad (1MDB), the US Department of Justice (DOJ) has said.

Authorities in Malaysia and the United States are investigating how billions of dollars went missing from 1MDB. The DOJ says over US$4.5 billion was misappropriated from the fund, with some of the money used to buy the private jet, a superyacht, Picasso paintings, jewellery and real estate.

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