Jho Low’s family moves to protect assets in 1MDB probe

Relatives of Malaysian businessman Low Taek Jho are seeking fresh court action in a bid to prevent the U.S. government from seizing assets as part of an investigation into the scandal-tainted 1MDB fund, according to a U.S. court filing.

Four relatives of Low Taek Jho are planning to file court actions in New Zealand and the Cayman Islands this week to have real estate and other assets transferred to a new trustee, according to a motion on Monday in federal court in Los Angeles.

The motion seeks to push a hearing on the case out to a later date, noting that there is an effort to take the case to courts in New Zealand and the Cayman Islands.

The businessman, commonly referred to as Jho Low, is among the people named in civil lawsuits filed earlier this year by the U.S. Department of Justice, which alleged that more than $3.5 billion (RM15.51 billion) was misappropriated from the 1MDB fund.

According to the filing, the move to try courts elsewhere came after the U.S. government opposed a prior attempt by the Low relatives to transfer the assets to a new trustee.

The government had argued, among other things, that the courts of New Zealand and the Cayman Islands were the proper venue for that request. –Reuters

 

Paywall: You’re outta here, Coconuts stories are free for all

We have removed our paywall on all Coconuts stories. This does not mean the end of COCO+ Membership at all, but the value proposition is changing.

Rather than being a transactional subscription – whereby you pay for access to content – it is now a true membership program – whereby Coconuts stories are free for everyone but super-fans can monetarily support our independent journalism, and get added member benefits.

If you'd like to support Coconuts, you can become a COCO+ Member for as little as US$5 per year. Thank you!

READ MORE

CITY: KLCATEGORY: NEWS

Leave a Reply

Coconuts TV
Our latest and greatest original videos
Subscribe on
MOST POPULAR

Send this to a friend