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1MDB Update: How $$$ Flowed from 1MDB to Jho Low to buy US properties

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THE US Department of Justice (DOJ) last week ini­ti­at­ed action to seize two prop­er­ties bought by Low Taek Jho or Jho Low with mon­ey stolen from 1Malaysia Development Bhd (1MDB).

The prop­er­ties are a Time Warner pent­house (US$31 mil­lion) and a Greene Park apart­ment (US$14 mil­lion), both in New York.

Proceeds from the seizure and sub­se­quent sale of these prop­er­ties will be returned to Malaysia.

Up until now, the US DOJ has returned US$57 mil­lion to Malaysia that it had seized from Red Granite Pictures, the pro­duc­er of The Wolf of Wall Street. Money from 1MDB was siphoned off to Red Granite, which is part­ly owned by Riza Aziz, the step­son of Datuk Seri Najib Razak.

The US DOJ will also be return­ing US$139 mil­lion that it had seized from the sale of the Park Lane Hotel in New York. Jho Low had a stake in the com­pa­ny that bought the hotel in 2013 for US$660 mil­lion.

Fugitive Jho Low is con­sis­tent­ly issu­ing state­ments through his lawyers and pub­lic rela­tions com­pa­ny, deny­ing any wrong­do­ings even as author­i­ties in the US, Malaysia and Singapore con­tin­ue to take action to seize assets from him and his co-con­spir­a­tors in the world’s biggest-ever case of klep­toc­ra­cy, with at least US$4.5 bil­lion stolen from 1MDB.

We show how mon­ey that orig­i­nat­ed from 1MDB flowed through var­i­ous bank accounts con­trolled by Jho Low and gang and was used to buy the three prop­er­ties that are now part of the many that the DOJ will and has seized.

This arti­cle first appeared in The Edge Malaysia Weekly, on June 3, 2019 — June 09, 2019.

Original source: The Edge Malaysia

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