Sharechat Logo

Multi-billion dollar money laundering case hits NZ courts as Low relatives fight US DOJ

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. 

 

BusinessDesk.co.nz

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

MARKET CLOSE: NZ shares mixed ahead of Anzac Day holiday; A2, Synlait fall further, Fisher & Paykel bounces
USX: Introducing Pharmazen Limited
NZ dollar falls to 3 1/2 month low as rising US interest rates bring trading back to fundamentals
Gold Report 23rd April 2018
Gold Report 16th April 2018
Gold Report 9th April 2018
Gold Report 3rd April 2018
Gold Report 26th March 2018
Gold Report 19th March 2018
Gold Report 12th March 2018

IRG See IRG research reports