United States: Jho Low Family Digs in to Stop 1MDB Asset Seizure by U.S.
Author(s): Edvard Pettersson | Date: December 6, 2016 | Language: English
Source: https://www.bloomberg.com/ | URL: https://goo.gl/3pvwWi | Type: Text
Malaysian financier Low Taek Jho’s family is reaching far and wide to stop the U.S. from seizing $650 million in real estate and business investments the government claims were acquired with funds stolen from his home country.
The family of the businessman known as Jho Low claims the Swiss trustees holding their assets are afraid to fight back against the U.S. for fear of being prosecuted in the global game of investment hide and seek set off by the alleged disappearance of more than $3.5 billion of the $8 billion raised by 1Malaysia Development Bhd.
Four relatives of Low, including his father and brother, now say they will ask courts in the Cayman Islands and New Zealand to replace the Swiss trustees — so they can avoid having their possessions go to the U.S. by default.
The Justice Department is targeting real estate, investments and art works that were allegedly bought with money siphoned off from the state-owned investment and development fund known as 1MDB.
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