Font Size
Share this article


Print Friendly Version
16 February 2020
REGULATION

Jho Low, PetroSaudi directors face new 1MDB charges in Malaysia

Malaysia revived its investigation into troubled state fund 1MDB after a change of government in 2018 ousted former Prime Minister Najib Razak from power

The charges were served in their absence at a Magistrate Court in Kuala Lumpur/Bloomberg

by Bloomberg

 

Fugitive financier Low Taek Jho faces new charges in Malaysia along with PetroSaudi International Directors Tarek Obaid and Patrick Mahony over their alleged roles in the 1Malaysia Development Bhd. (1MDB) scandal.

According to the Malaysian Anti-Corruption Commission, the three are accused of engaging in criminal conspiracy with Malaysia’s former Prime Minister Najib Razak, while Mahony and Obaid face additional money laundering charges for allegedly receiving $300 million from 1MDB through unlawful activity. The charges were served in their absence at a Magistrate Court in Kuala Lumpur.

These are the first accusations against Mahony and Obaid in Malaysia, while Jho Low, has already denied wrongdoing against previous charges filed against him in the Southeast Asian country.

Najib is undergoing trial for dozens of charges linked to the fund. The scandal is at the centre of global probes from Switzerland to Singapore, with US prosecutors estimating about $4.5 billion were syphoned from 1MDB.

The court has issued arrest warrants against the three people, who are not in Malaysia, and sought help from Interpol to find them.

If found guilty of criminal conspiracy, Jho Low, Obaid and Mahony could face up to 20 years in jail and a fine of no less than five times the value of the gratification. A guilty conviction on the money-laundering charges could mean a maximum fine of MYR 5 million ($1.2 million) or up to five years in jail.


RELATED STORIES: former Prime Minister Najib Razak Jho Low PetroSaudi 1MDB

MOST READ


RECOMMENDED NEWS



BRANDS MAGAZINES LATEST EDITION

OUR BRANDS



CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.


Subscribe to our News Letter

Subscribe

© 2019 CPI Financial. All rights reserved.

No part of this website may be reproduced or used in any form of advertising without prior permission in writing from the editor.