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SPECIAL REPORT – On this April 23, 2015, archive photo, Jho Low, Jynwel Foundation Director, at the launch of the Global Daily website in Washington, DC The Department of Justice, on Thursday, November 1, 2018, has lodged a complaint against the Malaysian financial fugitive in a system of fight against money laundering and corruption that stole billions of dollars from a Malaysian investment fund created to promote economic development projects in that country. The indictment to three counts blames Low Taek Jho, also known as Jho Low, for diverting money from the public fund and to use it for bribes and bribes to foreign officials, to pay US and finance Hollywood movies, including "The Wolf of Wall Street". (Photo by Stuart Ramson / Invision for the United Nations Foundation / AP Images) lessREPORT – In this April 23, 2015 archive photo, Jho Low, Jynwel Foundation Director, at the launch of the Global Daily website in Washington DC, The Justice Department, on Thursday, November 1, 2018, … more
Photo: Stuart Ramson, AP
Photo: Stuart Ramson, AP
The young Malaysian mogul sought after by the United States for his alleged role in the rampage of a public investment fund claims that he is innocent, and he defends himself against accusations while he is in prison. he hides.
Taek Jho Low, or Jho Low, 36, is quite different from days spent partying with jet set celebrities such as Paris Hilton in Las Vegas and Saint Tropez.
On Thursday, the Justice Ministry indicted Mr. Low for alleged involvement in a money laundering and corruption scheme that stole billions of dollars from Malaysia's 1MDB investment fund. Prosecutors announced a three-count indictment against Low in the first charges stemming from the epic corruption scandal of the state-owned investment fund, which became insolvent.
Neo-Chinese originally from Malaysia on Penang Island, whose grandfather was born in Guangdong, in the south of China, Low describes himself on his website, Jho-Low. .com, as a "global investor and philanthropist" with experience in many companies, financings and projects in the media. entertainment, retail, hotel and real estate. The website mentions its support for the Gabrielle & Angel Angel Foundation, which funds research on cancer treatment and prevention.
Educated at Harrow, an elite British preparatory school, and then in Wharton, his family would have made a fortune in the fields of mining, trade and clothing manufacturing.
Low has boasted critics about his party and playboy lifestyle and is strongly opposed to the recently published book "Billion Dollar Whale", which tells the internal story of Low and from 1MDB.
In a video intended to promote his family's business, Jynwel Low said he very much wanted to become a brain surgeon, but that he was increasingly interested in business. and politics while attending meetings with his father.
He said that he "had finally landed in business because it was a good combination between the ability to influence change and the ability to help people". His company, he said, is concerned with both sustainable development and social development.
In her LinkedIn profile, Jynwel Capital describes itself as an international investment and private equity firm with 10 to 50 employees. He claims to have eternal relationships with "major investors such as major sovereign wealth funds, large international investment firms and large family businesses".
The company's website is "in full reconstruction".
In a statement dated November 1 that repeated the previous comments, Low asked that people "keep an open mind" and that the evidence would justify it.
He added that billions of bonds proposed in detail in the DOJ 's indictment were "openly and legally undertaken between experienced and well – regulated financial institutions and government entities.
Low did not hold any official position in the 1MDB fund, which is insolvent but still exists in the pending payment of its billions of dollars in debt. The US Department of Justice says it has had a considerable influence on its transactions.
In Harrow, he befriends Riza Aziz, the son-in-law of former Malaysian Prime Minister Najib Razak, who created the 1MDB to support the country's economic development. Najib was ousted in a disgruntled election in May after former leader Mahathir Mohamad, outraged by the scandal, stepped out of his political retirement. Mahathir, 93, is now prime minister and has reopened the investigation into the 1MDB fund, and Najib is facing criminal charges.
While his lawyers are fighting for the charges against him to be dismissed, we still do not know where Low is.
In earlier statements, Low had stated that he would "not submit to any jurisdiction" where he could not benefit from a fair trial, especially in Malaysia.
Mahathir urged Low to return to Malaysia to solve the legal problems. His government auctioned off his luxury yacht, Equanimity, to recover some of the huge debts created by 1MDB.
"They would like Jho Low to be brought to justice but he is nowhere else," Mahathir said Friday, referring to US authorities. "We would like to have Jho Low, we have several charges against him."
"Previously, he was a man of the world, traveling the world aboard jet planes and with equanimity and leading a great life, but now he has to hide himself like a mouse," he said. he declares.
Documents from the Ministry of Justice cite several cases in which Low allegedly siphoned funds from bond offerings for bribes and bribes to Malaysian officials. According to them, many of the transactions were made through front companies, often used to conceal the origin and destination of illicit activities.
But the documents point out that the charges are allegations and that Low and a former banker arrested this week in connection with the case, Ng Chong Hwa, "are presumed innocent until proven otherwise, in court ".
Singapore has fined eight banks for failing to implement appropriate anti-money laundering measures against the 1MDB and has ordered jail terms for several bankers. He seized 240 million dollars ($ 180 million) in property and money, about half of which belonged to Low and his immediate family.
