Exclusive | ‘I've nothing to hide’: Malaysia’s Jho Low breaks silence to deny money laundering allegations
Analyst says wealth fund probe is 'potentially the biggest financial scandal in Malaysian history'
A well-connected Malaysian caught in the cross-hairs of an investigation into troubled Malaysian state-owned investment company, 1MDB, linked to Prime Minister Najib Abdul Razak, has been residing in Hong Kong for the past five years and has come out to deny any wrongdoing in an exclusive interview with the South China Morning Post.
Low Taek Jho, chief executive officer of Jynwel Capital, a Hong Kong investment advisory company, has denied all allegations of money laundering and fraud against him, claiming they are politically motivated, in a saga that analysts say could erupt into potentially Malaysia’s biggest financial scandal since the 1990s.
“I feel I’m a victim of the cross-fire of Malaysian politics, which is getting more polarised. I’m a target,” Low told the Post from his office in Hong Kong.
I believe in the rule of law. As of today, I’m not under investigation. I’ve never done anything illegal
"Business decisions by 1MDB are ultimately decided and approved in accordance to their corporate governance framework, which is the management, board and shareholder. So why politicise and try to blame it all on me when I have no decision-making authority?” he said.
"If the Malaysian authorities ask me to assist with their investigations, I’m happy to cooperate. I’ve nothing to hide. I believe in the rule of law. As of today, I’m not under investigation. I’ve never done anything illegal,” Low said.
The main opposition alliance, Pakatan Rakyat, has called on the Malaysian authorities to investigate Low for suspected money laundering in the acquisition of a Malaysian firm, UBG, using funds from 1MDB. Malaysia’s National Audit Department has begun an investigation into 1MDB, following a cabinet directive last week, Malaysian Auditor-General Tan Sri Ambrin Buang confirmed to media.
1MDB, which comes under Malaysia’s Ministry of Finance, has 42 billion Ringgit (HK$87.8 billion) of debt. In February, 1MDB bonds effectively declined to junk status, when investors demanded a 441 basis point premium over similar securities.