Financier agrees to give up claims to millions of dollars

WASHINGTON (AP) — A fugitive financier will give up claims to hundreds of millions of dollars in luxury goods that prosecutors say were purchased with money stolen from a Malaysian investment fund created to spur economic development projects.

A person familiar with the matter said a settlement was reached between U.S. prosecutors and the financier, Low Taek Jho, also known as Jho Low.

The person said the settlement would allow millions of dollars in fees to be paid to Low’s legal team.

The person wasn’t authorized to discuss the matter publicly and spoke to The Associated Press on condition of anonymity.

Low was charged last year with using money from the fund for bribes and kickbacks to foreign officials, to pay for luxury real estate, art and jewelry in the U.S.