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U.s. Agrees 1Mdb Recovery Deal With Malaysian Jho Low

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By Reuters

A $250 million luxury yacht linked to a multi-billion dollar scandal at a Malaysian state fund arrived at Port Klang, months after it was first seized by Indonesian authorities. The Cayman Islands-flagged yacht, named the Equanimity, was seized in February at the request of U.S. authorities as part of a multi-billion dollar corruption investigation launched by the Department of Justice related to 1Malaysia Development Berhad (1MDB). A total of $4.5 billion was misappropriated from 1MDB by high-level officials of the fund and their associates, according to civil lawsuits filed by the U.S. Justice Department. The fund, founded by former Malaysian Prime Minister Najib Razak, is at the center of money-laundering probes in at least six countries, including the United States, Switzerland and Singapore. Malaysian authorities are seeking to arrest Low Jho, the financier who allegedly bought the 91 meter (300-foot) Equanimity. Lawsuits have identified him as a central figure in the 1MDB scandal, but his whereabouts are unknown. PORT KLANG, SELANGOR STATE, MALAYSIA (AUGUST 7, 2018) (REUTERS) VARIOUS OF SUPERYACHT EQUANIMITY CRUISING INTO PORT PEOPLE ON YACHT YACHT POLICE VARIOUS OF YACHT MOVING SIGN ON SIDE OF SUPERYACHT READING (English): "EQUANIMITY" YACHT Former Malaysian Prime Minister Najib Razak said he has no knowledge on the purchases and the whereabouts of Jho Low, who was regarded as close to the family. U.S. and Malaysian investigators have also named Jho Low as a key figure who benefited from 1MDB funds. The former prime minister said he refrained from talking about 1MDB issue during his tenure on worries over international diplomatic ramifications. But he added it is now time to speak out and clear his name, and he has no intentions of fleeing the country even if he faces the possibility of going to jail. LANGKAWI, MALAYSIA (JUNE 19, 2018) (REUTERS) NAJIB SPEAKING TO REPORTERS (SOUNDBITE) (English) FORMER MALAYSIAN PRIME MINISTER, NAJIB RAZAK, SAYING: "No, he (Jho Low) was not working on my behalf. All those items he never invoked my name, but he did say he was acting for someone else." REPORTER ASK: Who? "I don't want… you have to ask him that." REPORTER ASK: When did you speak to him? "That was some time ago. We have cut off communication with him." REPORTER ASK: Do you know where he is? "I don't know where he is." NAJIB SPEAKING

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Langkawi/port Klang, Selangor State, Malaysia, Malaysia
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10.9 Mbps
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