The US Department of Justice (DOJ) and the claimant Global One Aviation (Global 5000) Ltd have jointly asked a California court for permission to sell a jet linked to the fugitive Penang-born businessperson Low Taek Jho.

This is pending a final decision on the civil forfeiture suit brought by the DOJ to seize the aircraft, which is currently parked in a private hangar at Singapore's Seletar Airport.

If the interlocutory sale is allowed, the winner in the civil forfeiture suit will get the proceeds of the sale, which must to be kept in an interest-bearing account after fees and expenses are deducted.

According to the court filings sighted by Malaysiakini, the parties have agreed that the proposed sale is "appropriate and necessary" pending the settlement of the suit.

Among others, the parties stated that the aircraft is at risk of deterioration and damage as it is likely not to be used during the time it takes to settle the suit, if not sold to a third party.

"The expense of keeping the aircraft is (also) excessive and/or disproportionate to its fair market value," the parties said.

Upon receiving the court's permission to proceed with the sale, the parties are to establish an open bidding process for the aircraft within 15 days, and accept bids submitted in writing for 25 days from its starting date.

“...closing and delivery shall be on or before Dec 31, 2018, or within 10 business days of the buyer's acceptance, whichever is later," the parties said.

It is also stated in the filings that the parties should mutually agree to a minimum reserve price for the aircraft, failing which the US government would agree not to contest the claimant's proposed figure of US$5,418,000.

Following conclusion of the sale, the court documents also state, payments would be distributed among the parties, including a payment to Jet Aviation - a private firm that has been keeping the aircraft in its hangar at Seletar Airport for 18 months now.

In August, The Straits Times of Singapore reported that the amount owed to Jet Aviation has snowballed to about RM3.5 million.

The Bombardier Global 5000 jet linked to Jho Low (photo, above) was part of some US$1.7 billion in assets allegedly acquired with funds misappropriated from 1MDB.

'EMI shares to be sold to Sony'

Meanwhile, in a separate suit involving shares in EMI Music Publishing Management LLC, which had also been allegedly bought with funds siphoned from 1MDB, parties in the suit sought the court's permission to sell the shares to Sony Corporation of America.

The application, jointly filed by DOJ, EMI and claimant JW Nile (BVI) Ltd, states that Sony intends to buy all partnership and equity interests in DH Publishing LP, which is currently held by Nile Acquisition Holding Company Limited, which includes the shares that DOJ had initially sought to seize.

In proposing the sale, the parties agreed that the unique nature of the asset has made its value highly subjected to market conditions.

They also further agreed that the market where such an asset can be marketed and ultimately sold is limited because of its high value and the expertise in the
recording and music industry needed to assess and evaluate it.

In acquiring the stakes in EMI, the DOJ previously noted Jho Low's declaration that family resources were a significant source of his wealth.