Thursday 19th January 2017
|Text too small?|
Family members of Malaysian businessman Low Taek Jho, also known as Jho Low, who has been linked to a multi-billion dollar money laundering scheme, will tomorrow oppose the seizure of assets worth $230 million which the United States Department of Justice (DOJ) alleges to be the proceeds of crime.
Justice Kit Toogood will hear the request in Auckland's High Court on Friday. The New Zealand Herald has reported that the relatives are beneficiaries of New Zealand trusts which are said to own assets caught up in the scandal, and have complained the trustees are not challenging DOJ seizure orders.
Four of Low's relatives have applied to have real estate and other assets transferred to a new trustee. The DOJ is trying to recover more than $1.43 billion which federal officials have said was stolen from Malaysian wealth fund 1MDB in a complex money laundering scheme, intended to enrich officials close to prime minister Najib Razak. Low has previously denied any wrongdoing.
Private banker Yak Yew Chee has been convicted of forging documents and failing to disclose suspicious transactions in relation to the scandal. His lawyer said he was “motivated by a desire to please” Jho Low, his most important customer at the Swiss private bank where he worked, the Financial Times reported in November.
No comments yet
Fletcher nabs KiwiRail CEO Peter Reidy to head construction business
NZ dollar slips ahead of inflation data tomorrow that may show tepid price pressures
July 16th Morning Report
NZ dollar heading for 0.4% weekly decline after swinging more than 1 US cent on trade tensions
MARKET CLOSE: NZ shares rise as Infratil and Z gain; Tourism Holdings, Fisher & Paykel drop
Ross Asset liquidators claw back a further $3.1M from investors, launch more lawsuits
Wells resigns from CBL board as FMA takes early view it may have broken disclosure, reporting rules
Hawkins sale to Downer under scrutiny by liquidator untangling $453M web of related party loans
NZ construction inflation to slow as escalating costs damp demand
NZ manufacturing activity slows to the weakest measure in 6 months in June