Wednesday, October 28, 2020

1MDB Trial: Malaysia seeks cooperation with country hiding fugitive Jho Low in money laundering case

-

Malaysian fugitive Low Taek Jho, wanted over a multibillion dollar scandal at state fund 1MDB, is living in a country that has refused to cooperate on efforts to retrieve him, Malaysia’s police chief said on Monday, according to the state news agency.

Low, also known as Jho Low, has been charged in Malaysia and the United States over the alleged theft of $4.5 billion from 1Malaysia Development Berhad (1MDB), set up by former Malaysian Prime Minister Najib Razak.

Low has denied wrongdoing. His spokesman has said Low had been offered asylum in an unidentified country. His spokesman did not immediately respond to an emailed request for comment on Monday.

Malaysian officials have located Low but the country where he has sought refuge has not been cooperative, Malaysian Inspector General of Police Abdul Hamid Bador said.

- Advertisement -

“We have sought the country’s cooperation to return him (Jho Low) here, but he appears to be immune under the protection of the nation’s authorities,” Abdul Hamid was quoted as saying by state news agency Bernama, without naming the country.

“We have tried various approaches, but they are giving us many excuses such as that he has since undergone cosmetic surgery,” the police chief said.

Abdul Hamid previously denied reports that Low was living in the United Arab Emirates or the United States. Enforcement officials earlier said the fugitive was believed to be in China.

1MDB is at the centre of money laundering probes in at least six countries, including the United States, Switzerland and Singapore.

- Advertisement -

The U.S. Justice Department said last week it had struck a deal to recover $1 billion in funds allegedly looted from 1MDB by Low, in a record haul for a U.S. anti-corruption probe.

The case has also led to scrutiny of Goldman Sachs, which Malaysia has accused of misleading investors over bond sales totalling $6.5 billion that the bank helped raise for 1MDB.

Malaysia had rejected an offer of $2 billion in compensation from Goldman over the scandal, Prime Minister Mahathir Mohamad told the Financial Times on Friday.

Mahathir said on Monday the offer was too low and said Malaysia would resort to legal action if a deal with Goldman could not be reached.

“They’ve caused us to lose about $7 billion,” Mahathir told reporters, according to Bernama. “They may not want to pay us that amount… but if we cannot reach an agreement, we’ve to go to court.”

MUST READ

Beam Suntory Inc. fined $19.6 million in foreign bribery case

Beam Suntory Inc. (Beam), a Chicago-based company that produces and sells distilled beverages, has agreed to pay a criminal monetary penalty of $19,572,885 to...

Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

UAE suspends licences of 200 law firms over anti-money laundering compliance

Practicing licences of 200 law firms in the UAE have been suspended for a month for not following the prescribed procedures to combat money...

Spanish police arrests operator of Crypto Arbitrage firm Arbistar on fraud charges

The CEO of Arbistar the Spanish investment company, Santiago Fuentes, has been arrested and arraigned on charges of fraud, belonging to a criminal organization...

Mozambique seeks prosecution of ex-Credit Suisse bankers implicated in debt scandal

Mozambique's Attorney General's Office said on Wednesday it will seek the extradition of three former Credit Suisse CSGN.S bankers implicated in a $2 billion debt scandal...

Actress Felicity Huffman complete full sentence for role in college admissions scam

Felicity Huffman has completed her full sentence for her involvement in the college admissions scandal. As of Sunday, she has finished her sentence, which included jail...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks