WSJ: Jho Low now tangled up in 1MDB probe as Singapore reveals bank info
(MMO) – Often linked but never tied to 1Malaysia Development Bhd, billionaire Low Taek Jho has been drawn into an ongoing probe of the firm after Singapore regulators shared information of a US$529 million (RM2 billion) deposit into his bank there, the Wall Street Journal reported.
According to the WSJ, the disclosure was made by Singapore’s financial regulators who were aiding Malaysian investigators probing claims that billions of ringgit were misappropriated from the state-owned 1MDB’s coffers.
“Malaysian authorities have received information about the accounts of a young Malaysian financier as part of a probe into allegations of misallocation of money from a controversial state investment fund overseen by Prime Minister Najib Razak,” said the report.
In March, Malaysian authorities were told of US$529 million said to have been deposited between 2011 and 2013 into an account at BSI Bank in Singapore that was controlled by the tycoon popularly known as Jho Low.
BSI Bank is also the same institution in which 1MDB deposited US$1.1 billion of what was initially represented as cash, but embarrassingly turned out to be “units” of an undisclosed nature.
In a March 13 letter, Singapore police’s Suspicious Transaction Reporting Office gave details of deposits into the business account from the Swiss bank account of a company called Good Star Ltd.
