Court orders Jho Low's sister and associate to pay close to US$2.8bil to 1MDB

The Star

The High Court in Kuala Lumpur has ordered the sister of fugitive businessman Low Taek Jho and his close associate Eric Tan Kim Loong to pay close to US$2.8bil (RM11.58bil) to 1Malaysia Development Bhd (1MDB) over "tainted proceeds" that belonged to the sovereign wealth fund.  Read more at https://rb.gy/7tfftl  WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

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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.

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