Malaysian businessman Jho Low slams US for ‘politically motivated’ allegations after yacht linked to 1MDB scandal is seized
Washington lists US$1.7 billion in assets allegedly bought with the money stolen from the fund, which include the 300-foot Equanimity
A Malaysian businessman allegedly at the centre of a financial scandal has accused US justice officials of “global overreach” after a yacht linked to the controversy was seized off Bali.
Police on the Indonesian island on Wednesday boarded and searched the luxury vessel Equanimity which was being sought by US investigators as part of their probe into Malaysian state fund 1Malaysia Development Berhad (1MDB).
The US Justice Department alleges in civil lawsuits that US$4.5 billion was looted from 1MDB – set up Prime Minister Najib Razak – in a campaign of fraud and money-laundering. Najib and the fund deny any wrongdoing.
The suits list US$1.7 billion in assets allegedly bought with the stolen money US officials are seeking to recover
These include the 300-foot (90-metre) yacht Equanimity, reportedly worth US$250 million, which US officials said was bought by a financier known as Jho Low, an unofficial adviser to 1MDB.
Low, real name Low Taek Jho, was said to have made key financial decisions linked to 1MDB, although he did not hold any official positions in Malaysia.