Tuesday, February 14, 2017
The trusts holding millions of dollars in assets that Malaysian financer Low Taek Jho acquired with money siphoned from a state investment fund are asking a United States judge to let them file late claims in the forfeiture lawsuits. The requests were filed in the same federal court where the Justice Department filed several cases to recover more than $1 billion in assets that were bought by Low and his accomplices with funds stolen from 1Malaysia Development Bhd. These claims come weeks after new trustees were appointed to represent the trusts’ interests, and the new trustees’ lawyers allege that the government will seek to win the case on procedural technicality rather than on the merits. Low asserts that he provided consulting to 1MDB and that he did not break any laws.
See Edvard Pettersson, Jho Low Trusts Ask to File Late Claims in Forfeiture Lawsuits, Bloomberg, February 14, 2017.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.