00:00The Kuala Lumpur High Court has ordered two individuals connected to fugitive businessman
00:05Joe Lo to pay nearly US$2.8 billion to 1MDB.
00:10Justice Mahazan Mattaib on Tuesday granted a judgment in default against Joe Lo's sister
00:15Lo May Lin and his close associate Eric Tan Kim Leung, whose whereabouts remain unknown.
00:22The court found that 1MDB had successfully proven its case, describing what Justice Mahazan
00:28called, an elaborate, multi-layered and multi-faced siphoning of funds orchestrated by individuals
00:35in positions of power.
00:37According to the judgment, the scheme was aided by a network of offshore entities and trusted
00:43associates.
00:44The court heard extensive evidence including bank records, swift confirmations and fund
00:49flow reconstruction charts.
00:51Former 1MDB CEO Datuk Shahrul Azrael Ibrahim Halmi were among three key witnesses who
00:58testified.
01:00Justice Mahazan noted that their evidence stood unchallenged, as neither defendant appeared
01:05in court or filed any defense.
01:07The court ordered Eric Tan to pay US$2.79 billion after finding he was the beneficial owner of
01:14accounts that received funds wrongfully diverted from 1MDB.
01:18May Lin was ordered to pay just over US$809,000, which she received through four transfers from
01:25her father, Larry Lo Hockpeng.
01:28This judgment is part of a larger $3.78 billion lawsuit filed by 1MDB against Joe Lo and several
01:36family members.
01:38Previous judgments in default have already been obtained against Joe Lo, his father and brother
01:43in 2022, and his mother last year.
