Monday 13, August 2018 by Bloomberg

Mahathir has Jho Low's yacht, now wants his private jet


Malaysian Prime Minister Mahathir Mohamad has his eye on Jho Low’s private jet after impounding his yacht, as he seeks to recover $4.5 billion of assets allegedly lost through 1MDB.

Mahathir managed to seize financier Low Taek Jho’s $250-million ship on Tuesday, after asking Indonesian President Joko Widodo to sail it in from the neighbouring country. Now, he’s looking to Malaysia’s other neighbour, Singapore, where Low’s Bombardier Global 5000 jet was reportedly possessed last year. Malaysia has hired law firm Tan Rajah & Cheah to start legal action in Singapore.

The jet may meet a similar fate as the yacht, which Malaysia plans to auction off to recoup public funds. Mahathir said he had to decline opening the 300-feet long yacht to the public to keep it in good condition for any buyers. Even he had to exercise caution when he went on board on Saturday.

The ship boasts a gymnasium, massage room, sauna room, steam room, plunge pool, and an “experiential shower,” according to the builder Oceanco’s website. It also has “fantastic” elevators and “special” furniture,” Mahathir said. Oceanco described the yacht’s interior as having “a distinct Asian flair.”

Still, it may not be smooth sailing ahead. Low’s lawyers have called Mahathir’s seizure of the yacht “illegal” and are asking the U.S., which first initiated the yacht’s seizure in Indonesian waters in February, to explain why Malaysia is thanking it for helping impound the ship after the Justice Department said it wasn’t involved.

Features & Analyses

Economics Adapting to a new era

  Abdullah Al-Fozan, Chairman of KPMG MESA and KPMG Saudi Arabia, provides an exclusive commentary on the Kingdom’s business… read more