The Kuala Lumpur High Court has ordered an associate, as well as the sister of fugitive businessman Low Taek Jho, more commonly known as Jho Low, to pay nearly USD2.8 billion (~RM11.578 billion) to 1Malaysia Development Bhd (1MDB) for their role in receiving and concealing misappropriated funds.
According to a report by Sinar Harian, Judge Mahazan Mat Taib made the decision after allowing 1MDB and its 4 subsidiaries as plaintiffs to enter a default judgment against the 2 defendants, Tan Kim Loong and Low May Lin, who failed to appear in court and did not file a defence.
Jho Low’s associate and his sister were ordered to pay over RM11 billion to 1MDB
He said that Kim Loong was ordered to pay USD2,795,333,000 (~RM11,558,701,955), and May Lin was ordered to pay USD809,319 (~RM3,346,534), while adding that the plaintiffs had proven their claim against the defendants.
“On the balance of probabilities, by stating that their evidence using corporate documents, flow charts of funds, bank records and witness statements, remains unchallenged,” he added.
Evidence from former 1MDB Chief Financial Officer (CFO), Azmi Tahir, offshore asset recovery expert and liquidator of SRC International, Angela Barkhouse, and financial fraud investigator in the United Kingdom (UK), Richard Templeman, was fully supported by documents.
The then-Prime Minister, Datuk Seri Najib Tun Razak, exercised de facto control over key financial decisions of 1MDB. Although Jho Low did not hold any official position, Judge Mahazan Mat Taib said the controversial businessman acted as a proxy and shadow director for Najib.
Therefore, 1MDB board members and management regarded Jho Low’s instructions as carrying Najib’s power.
For illustration purposes
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