Wednesday, December 1, 2021

RM48 million forfeited from accounts of Jho Low’s dad now belongs to govt

No third party turned up in court today to claim the money, which totalled RM48,491,064.

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More than RM48 million seized from seven bank accounts belonging to Larry Low Hock Peng, the father of fugitive businessman Low Taek Jho or Jho Low, who has been charged in the 1MDB scandal, now belongs to the government of Malaysia.

This follows the order by High Court judge Mohamed Zaini Mazlan that the money be forfeited by the government after Malaysian Anti-Corruption Commission (MACC) deputy public prosecutor Shafinas Shabudin, as the applicant, announced there was no third party present in court to claim the money amounting to RM48,491,064.

“Notice to third parties was issued on March 11 this year. However no third party was present in court today to claim the money.

“As there was no third party present to claim, and the asset was proposed to be forfeited, the prosecution is seeking for the assets to be forfeited by the government of Malaysia,” Shafinas said.

Larry Low, as the respondent, was not represented by any lawyer and he himself was not present in court.

When met by reporters after the proceeding, Shafinas said the money involved was RM20,784,952.56, RM300,000, RM500,000 and RM20 million seized from current and fixed accounts of the respondent at the KLCC branch of RHB Bank.

According to Shafinas, RM6,242,593.10, RM345,496.47 and RM318,021.95 was also confiscated from the fixed and current accounts of the respondent in Maybank Plaza Gurney branch, Penang.

On July 19, 2019, Zaini allowed the application of the prosecution to forfeit RM48,979,500.67 in seven bank accounts belonging to Larry Low after no third party was present in court to claim the money.

However, the forfeiture case was heard again after the prosecution amended the proposed notice to enter information on two banks involved in the forfeiture application.

On March 29 2019, the government filed a civil forfeiture notice to freeze seven bank accounts owned by Larry Low on the charge that the money was proceeds from money laundering.

A notice of seizure dated Jan 17, 2019 directed to Goh Gaik Ewe, 66, Jho Low’s mother, was issued under Sub-Section 51 (1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Illicit Activities Act 2001.

Authorities are still tracking down Larry Low, his wife Goh, and Jho Low to assist investigations in the case involving 1MDB.

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