1MDB’s RM15.8bil suit ‘redundant’, says Jho Low
1MDB and its four subsidiaries want to recover US$3.78 billion from Low Taek Jho, better known as Jho Low, his family and an aide.
KUALA LUMPUR: Fugitive businessman Low Taek Jho says 1MDB’s US$3.78 billion (RM15.83 billion) lawsuit against him, his family and others is “redundant”.
Responding to the civil action, Low, better known as Jho Low, said the case amounted to a “double claim of funds voluntarily forfeited by the US Department of Justice (DoJ)”.
“The statement of claim is substantially, if not entirely, premised upon the allegations in DoJ’s suits.
“However, the DoJ’s suits were mutually settled between the US government and the first defendant (Low) without any finding of ‘guilt, fault and liability’ on his part,” Low said in his defence statement.
He said 1MDB had chosen to “wholly ignore” the fact that he and DoJ had reached a settlement in the past.
The DoJ had in 2019 announced that a settlement had been reached with Low to recover more than US$700 million in assets, located in the US, the UK and Switzerland, linked to 1MDB.
It said that “with the conclusion of this settlement, together with the prior disposition of other related forfeiture cases, the United States will have recovered or assisted in the recovery of more than $1 billion in assets associated with the 1MDB international money laundering and bribery scheme”.
Last year, 1MDB and its four subsidiaries – 1MDB Energy Holdings Ltd, 1MDB Energy Ltd, 1MDB Energy (Langat) Ltd and Global Diversified Investment Company Ltd (formerly known as 1MDB Global Investments Ltd) – had filed a suit against Low, his father Larry, mother Goh Gaik Ewe, sister May Lin, brother Taek Szen and his aide, Tan Kim Loong.
1MDB claimed it was manipulated by a group of individuals, including former prime minister Najib Razak and Low, to facilitate a large-scale and long-term fraud which resulted in billions of ringgit being misappropriated into privately controlled accounts for the benefit of various fraudsters, including the defendants.
Low also said the federal government had initiated a tax recovery lawsuit against him in the High Court in George Town, Penang.
“The first defendant (Low) contends that the claim by 1MDB and the government in the tax suit relate to the same alleged funds.
“The government in the tax recovery case claimed that the funds constituted the first defendant’s income, while 1MDB in this civil action claimed the money belongs to them.
“If both suits relate to the same money, then the government and 1MDB have taken inconsistent and irreconcilable positions in both cases,” he said.
KUALA LUMPUR: Fugitive businessman Low Taek Jho says 1MDB’s US$3.78 billion (RM15.83 billion) lawsuit against him, his family and others is “redundant”.
Responding to the civil action, Low, better known as Jho Low, said the case amounted to a “double claim of funds voluntarily forfeited by the US Department of Justice (DoJ)”.
“The statement of claim is substantially, if not entirely, premised upon the allegations in DoJ’s suits.
“However, the DoJ’s suits were mutually settled between the US government and the first defendant (Low) without any finding of ‘guilt, fault and liability’ on his part,” Low said in his defence statement.
He said 1MDB had chosen to “wholly ignore” the fact that he and DoJ had reached a settlement in the past.
The DoJ had in 2019 announced that a settlement had been reached with Low to recover more than US$700 million in assets, located in the US, the UK and Switzerland, linked to 1MDB.
It said that “with the conclusion of this settlement, together with the prior disposition of other related forfeiture cases, the United States will have recovered or assisted in the recovery of more than $1 billion in assets associated with the 1MDB international money laundering and bribery scheme”.
Last year, 1MDB and its four subsidiaries – 1MDB Energy Holdings Ltd, 1MDB Energy Ltd, 1MDB Energy (Langat) Ltd and Global Diversified Investment Company Ltd (formerly known as 1MDB Global Investments Ltd) – had filed a suit against Low, his father Larry, mother Goh Gaik Ewe, sister May Lin, brother Taek Szen and his aide, Tan Kim Loong.
1MDB claimed it was manipulated by a group of individuals, including former prime minister Najib Razak and Low, to facilitate a large-scale and long-term fraud which resulted in billions of ringgit being misappropriated into privately controlled accounts for the benefit of various fraudsters, including the defendants.
Low also said the federal government had initiated a tax recovery lawsuit against him in the High Court in George Town, Penang.
“The first defendant (Low) contends that the claim by 1MDB and the government in the tax suit relate to the same alleged funds.
“The government in the tax recovery case claimed that the funds constituted the first defendant’s income, while 1MDB in this civil action claimed the money belongs to them.
“If both suits relate to the same money, then the government and 1MDB have taken inconsistent and irreconcilable positions in both cases,” he said.
It is not redundant, because DOJ was only able to recover the illicit funds that were parked in assets on American soil.
ReplyDeleteIn total , Jho Low pilfered much more than that of 1MDB funds , and the funds can rightfully be recovered from Jho Low by other means.
"Some Country" with no respect for international norms and rules is sheltering and protecting Jho Low from facing justice.
ReplyDeleteSmart move to sue Jho Low directly, even if there is no practical way to actually recover the money from him right now.
ReplyDeleteRegardless of the outcome of the Najib trials, these legal claim suits ensure that if ever Jho Low steps on Malaysian soil, or another country willing to enforce Malaysia's request for his arrest, Jho Low faces major legal claims.
Unless he intends to remain a fugitive his entire life, which is a kind of punishment in itself , even if he has mega billions of money to ensure a comfortable life. USA , his previous favourite hunting ground is off limits, so is UK , most of Western Europe is risky. As for Asia , it depends.