Wednesday, July 12, 2017

1MDB: Jho Low's Victim

Prosecutors in Singapore said Malaysian financier Low Taek Jho is the primary figure in probes linked to 1MDB and that he used money traceable to the state fund for his own benefit.
 
Low received “huge” sums of money, the prosecutors said in court filings made public today.
 
About $1 billion (RM4.3 billion) that 1MDB was purported to invest in a joint venture with PetroSaudi International Ltd was diverted to a bank account beneficially owned by Low, according to the filings.
 
Singapore’s investigations into 1MDB-related activities have so far seen five people convicted, four of whom were jailed.
 
The city-state is the only country so far to have criminally charged bankers.
 
The probes are part of a worldwide effort to track how much of the US$6 billion (RM25.8 billion) that 1MDB raised for development projects was used to pay for luxury real estate, art, lavish parties and more.
 
In fact, Low has been characterised by US investigators as the controller of a plan to drain billions from the Malaysian fund.
 
It is noteworthy to mention that he had previously described his role with the fund as informal consulting that didn’t break any laws.

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