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Family of Jho Low moves to protect assets

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Syndicated News
Written by Syndicated News

LOS ANGELES, Dec 7 2016 : Relatives of Malaysian businessman Low Taek Jho are seeking fresh court action in a bid to prevent the U.S. government from seizing assets as part of an investigation into the scandal-tainted 1MDB fund, according to a U.S. court filing.

Four relatives of Low are planning to file court action in New Zealand and the Cayman Islands this week to have real estate and other assets transferred to a new trustee, according to a motion on Monday here.

The motion seeks to push a hearing on the case out to a later date, noting that there is an effort to take the case to courts in New Zealand and the Cayman Islands.

The businessman, commonly referred to as Jho Low, is among those named in civil lawsuits filed earlier this year by the U.S. Department of Justice, which alleged that more than $3.5 billion was misappropriated from the 1MDB fund.

According to the filing, the move to try courts elsewhere came after the U.S. government opposed a prior attempt by the Low relatives to transfer the assets to a new trustee. The government had argued, among other things, that the courts of New Zealand and the Cayman Islands were the proper venue for that request. – Reuters

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