Singapore seizes $240m in assets in 1MDB probe, half from flamboyant Malaysian financier Jho Low and family

Source: The Straits Times

Half of the $240m in assets seized in 1MDB probe belong to flamboyant Malaysian billionaire Low Taek Jho.PHOTO: SOUTH CHINA MORNING POST

SINGAPORE – About half of some S$240 million worth of assets seized by Singapore authorities in the course of their investigations in relation to various 1MDB-related fund flows, belong to flamboyant Malaysian billionaire Low Taek Jho and his immediate family, it was disclosed on Thursday (July 21).

The Attorney-General’s office, the Commercial Affairs Division and Monetary Authority of Singapore said this on Thursday in response to action taken by the US Justice Department to forfeit and recover more than US$1 billion in assets associated with an international conspiracy to launder funds related to Malaysan state fund 1MDB.

Mr Low, 34, who is most often referred to as Jho Low, is a confidant of Prime Minister Najib Razak’s family and among figures allegedly at the heart of 1MDB’s angled dealings. Mr Low has said previously he provided “occasional” consulting to 1MDB that did not break any laws.

The US in its lawsuit alleged he bought up penthouses in New York, a mansion in Beverly Hills and expensive art fraudulently using 1MDB funds. Read more