1MDB funds used to buy London, New York properties, says witness
Published on: Friday, March 15, 2024
By:
FMT, V Anbalagan
Jasmine Loo said Jho Low had denied that US$15 million deposited into two Swiss bank accounts originated from 1MDB, but DoJ investigations said otherwise.
Kuala Lumpur: Former 1MDB general counsel Jasmine Loo told the High Court today a total of US$15 million originating from 1MDB was deposited into two Swiss bank accounts and later used to purchase properties in London and New York.
Testifying in Najib Razak’s 1MDB trial, Loo said US$9 million was deposited into accounts at the Falcon Bank between 2012 and 2013.
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“This money was deposited by Jho Low,” she said under cross-examination by lawyer Shafee Abdullah, referring to fugitive financier Low Taek Jho.
Loo, who left the country in 2018 but returned last July, said she was the authorised signatory of the accounts and was in control of them.
She said the Department of Justice (DoJ) commenced court proceedings and eventually forfeited all the money in the accounts and both properties with her consent.
“However, my legal fees were paid out from the accounts,” she said.
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Questioned further by Shafee, Loo said Low had claimed the money did not originate from 1MDB, but DoJ investigations said otherwise.
She said the property in London, purchased in 2014, was valued at £1.8 million.
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“The money came from the Falcon Bank accounts,” she said, adding that the property was renovated in anticipation of being put on the rental market.
“However, this was not done as the media was widely reporting about the 1MDB issue in 2015,” she said.
Loo, who is the 50th prosecution witness, said the New York property was valued at US$4.5 million.
She said Low told her US$15 million was arranged by him for investment through various entities like Affinity Equity Investment and Blackstone Real Estate Corporation.
“I have since found out that Eric Tan (an associate of Low) was involved in the investment through one of the companies,” she said.
According to the DoJ, more than US$4 billion was stolen from the 1MDB fund and spent on art, diamonds and properties.
Asked if the purchases were an attempt by Low to legitimise unlawful proceeds, Loo responded: “Low was already a wealthy man. He was also managing funds for the Arabs. I did not know he (Low) was doing all this.”
She also dismissed Shafee’s suggestion that she struck a deal with the Malaysian Anti-Corruption Commission (MACC) as she faces two money laundering charges.
In 2018, she was charged in absentia with laundering a total of US$5.99 million.
Loo said she had left the matter with her lawyers and did not appear in court for the case.
Shafee: Do you know the status of the case?
Loo: I am prepared to defend the charges.
Shafee: Are you giving evidence against Najib in the hope the charges will be dropped?
Loo: I disagree.
Najib is facing 25 charges of money laundering and abuse of power over alleged 1MDB funds in his AmBank accounts.
The hearing continues on April 1.
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