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Malaysian ex-PM Najib ordered to enter defense in 1MDB case

AP — A Malaysian judge on Monday ordered former Prime Minister Najib Razak to enter a defense at his first corruption trial linked to the multibillion-dollar looting at the 1MDB state investment fund that helped spur his shocking election ouster last year. Defense lawyers said Najib was shocked he wasn’t… Read More

Jho Low of Cyprus: 1MDB fugitive’s passports keep police guessing

The revelation last week that fugitive Malaysian businessman Low Taek Jho, better known as Jho Low, holds a Cypriot passport has sparked a fresh flurry of speculation over his whereabouts, as authorities attempt to track him down for alleged financial crimes linked to defunct state fund 1Malaysia Development Berhad. The… Read More

Malaysia to impose cash transaction limit of RM25,000 starting next year

Malaysia is planning to impose a cash transaction limit (CTL) of RM25,000 starting next year to further strengthen the country’s financial integrity and curb illicit activities. “This is to address the abuse of physical cash used for illicit activities,” Bank Negara Malaysia (BNM) deputy governor and chairman of the National… Read More

6th November 2019

Cyprus: More questions raised about Jho Low’s passport

Although suspicious transactions from Jho Taek Low’s local bank accounts were flagged as early as October 2015, and despite Interpol issuing an arrest warrant for the Malaysian businessman-cum-fugitive a year later, the government never initiated a process to revoke his passport. Daily Politis on Tuesday revealed more information raising a… Read More

6th November 2019

Over five million suspicious deposits recorded since cash threshold rate lowered, says Bank Negara governor

Over five million suspicious cash deposits were reported up to September after Bank Negara Malaysia (BNM) lowered the daily cash threshold to RM25,000 starting this year, Datuk Nor Shamsiah Md Yunus said today. The cash transactions were valued at RM483 billion, the BNM governor said, saying it was still too… Read More

6th November 2019

Malaysia aims to locate further $4.3 billion in 1MDB-linked assets

Malaysia is working to locate at least $4.3 billion in assets that have yet to be accounted for in a global money laundering probe into state fund 1MDB, its anti-corruption chief said on Tuesday. U.S. authorities say about $4.5 billion was siphoned from sovereign wealth fund 1Malaysia Development Berhad (1MDB)… Read More

6th November 2019

Malaysian 1MDB Fugitive Became Cypriot Citizen in 2015

Cypriot former Interior Minister Sokrates Hasicos denied on Monday media reports saying Malaysian fugitive Jho Taek Low – a key figure in a multi-billion dollar embezzlement scheme – had acquired Cypriot citizenship in 2015 just two days after applying. Cypriot newspaper Politis said the businessman, known as Jho… Read More

4th November 2019

Malaysia rejects Goldman Sachs offer of $2bn damages over 1MDB scandal

Malaysia has rejected an offer from Goldman Sachs of less than US$2bn in compensation over the 1MDB scandal, in contrast to the country’s publicly stated demand of US$7.5bn. Malaysia has charged Goldman and 17 current and former directors of its units for allegedly misleading investors over bond sales totalling… Read More

31st October 2019

Jho Low Strikes Billion Dollar 1MDB Pact With U.S. Over Lawsuits

The U.S. Justice Department has struck a deal with fugitive financier Jho Low to recoup almost a billion dollars looted from Malaysian investment fund 1MDB, in what would be the biggest recovery from a decade-old anti-corruption crackdown. The 1MDB global corruption scandal has toppled a government, ensnared a Wall Street… Read More

30th October 2019

Iranians in Malaysia say banks close their accounts as U.S. sanctions bite

Banks in Malaysia are closing the accounts of Iranian individuals and companies, nearly a dozen affected people told Reuters, in a sign that U.S. sanctions are having a far-reaching impact on citizens of the Islamic republic. Although Malaysian banks seemed to be more cautious in dealing with Iranians than those… Read More

28th October 2019

How Jho Low, Wanted For History’s Biggest Heist, Parked His Money at an Obscure, Kuwaiti-Owned Bank

As Jho Low was becoming the public face of an embattled Malaysian sovereign wealth fund known as 1MDB, the financier made friends in high places. He dined with Leonardo di Caprio, bought diamonds for supermodel Miranda Kerr, and even financed the film production company that made the “Wolf of Wall… Read More

23rd October 2019

Malaysia Privately Discusses Goldman Penalty of Just $2 Billion Over 1MDB

Again and again, Malaysia has publicly demanded Goldman Sachs pay an eye-popping $7.5 billion for its role in the 1MDB scandal. But privately, Malaysian negotiators are considering settling for a fraction of that. Representatives for Malaysia have discussed figures of around $2 billion to $3 billion in talks with… Read More

23rd October 2019

Malaysian prosecutor: Najib orchestrated graft like an ’emperor’

Former Malaysian Prime Minister Najib Razak acted like an “emperor” who orchestrated massive fraud at a former unit of scandal-linked state fund 1Malaysia Development Berhad (1MDB), the country’s attorney-general said at his trial on Tuesday. Malaysian prosecutors have begun wrapping up their first case against the ex-premier, who faces seven… Read More

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