Jho Low's account becomes the focus of 1MDB probe, says WSJ

WSJ reveals that Jho Low, who helped set up 1MDB, has more than AS$500 million (RM1.9 billion) in his personal account.

KUALA LUMPUR: Malaysian authorities have received information about the accounts belonging to a Malaysian, as part of a probe into allegations of misappropriation of money from state investment firm 1Malaysia Development Berhad (1MDB).

The information was revealed by Wall Street Journal (WSJ), based on the documents related to the on-going probe.

It was revealed that the individual, known as Jho Low helped set up 1MDB and has more than AS$500 million (RM1.9 billion) in his personal account.

The information regarding the money in Jho Low’s account were the subject of correspondence between Singapore’s police and Bank Negara Malaysia, after Malaysian police asked Singapore for help investigation the fund.

Low denied any involvements in 1MDB and defended that he does not have any official title in that company, characterizing it as an occasional adviser.

Last Friday, WSJ published a report claiming that almost US$700 million of 1MDB funds had been channelled to personal bank accounts of the prime minister.

Najib has denied any wrongdoing.

It was also reported that the original source of the money is unclear and the government probe doesn’t detail what happened to the money that allegedly entered Mr. Najib’s personal accounts.

On Tuesday, a multi-agency task force probing the alleged misappropriation of 1MDB funds said six bank accounts related to the investigation have been frozen but did not reveal the identity of the account holders.

Attorney-General Tan Sri Abdul Gani Patailconfirmed that three of the frozen accounts is not as what was reported by WSJ.

The Special Task Force also raided 1MDB’s office on Wednesday, taking away documents believed to be related to the investigation.

Low is a high profile individual in the United States, known for buying expensive real estate in that country and partying with socialites like Paris Hilton and actor Leonardo Dicaprio.

Low’s company was an investor in deals that acquired EMI Music Publishing and New York’s Park Lane Hotel.

- Source: Astro Awani