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Malaysia 1MDB scandal

Malaysia has Jho Low’s yacht. Now it wants his US$35 million jet

The jet may meet a similar fate as the yacht, which Malaysia plans to auction off to recoup public funds

PUBLISHED : Monday, 13 August, 2018, 1:48pm
UPDATED : Tuesday, 14 August, 2018, 5:34pm

Malaysia is seeking to repossess a US$35 million private jet owned by financier Low Taek Jho as part of investigations into a multibillion-dollar scandal at state fund 1MDB, Prime Minister Mahathir Mohamad said.

The financier, also known as Jho Low, bought the Bombardier Global 5000 jet for US$35.4 million in 2010 using funds allegedly taken from 1Malaysia Development Berhad (1MDB), the US Department of Justice (DOJ) has said.

Authorities in Malaysia and the United States are investigating how billions of dollars went missing from 1MDB.

The DOJ says over US$4.5 billion was misappropriated from the fund, with some of the money used to buy the private jet, a superyacht, Picasso paintings, jewellery and real estate.

Last week, the US$250 million superyacht Equanimity, which the DOJ says was also bought by Jho Low, was handed over to Malaysia by Indonesia, which had seized the asset earlier this year.

When asked if Malaysia would also seek to take possession of the Bombardier Global 5000 jet, Mahathir said: “Yes, I think so. We have to bring it back,” state news agency Bernama reported on Sunday.

The jet was grounded last year in Singapore, according to some media reports. Singapore has not confirmed it has the jet.

Singapore’s foreign ministry and a representative for Low did not immediately have a comment.

Malaysian authorities have issued an arrest warrant for Low, whose whereabouts are unknown. Low, whose Malaysian passport has been revoked, has previously denied any wrongdoing.

A spokesman for Low’s legal team has said the handing over of the Equanimity yacht to Malaysia was illegal and in violation of Indonesian and US court orders.

In civil lawsuits filed in the United States, the DOJ is seeking to seize assets that were allegedly bought with 1MDB money.

Additional reporting by Bloomberg