S’pore is Still Pursuing Fugitive Jho Low Over 1MDB Case

By
Shernice Sim
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Singaporeans might be familiar with the name Low Taek Jho, or Jho Low, the Malaysian financier infamous for his alleged role in the 1MDB corruption scandal, which has been described as the world’s largest kleptocracy case.

On 16 July, the Singapore Police Force (SPF) confirmed that Low remains a fugitive, and that they are still actively pursuing him, who has been on the run since 2016. An Interpol red notice was issued against Low the same year, and it remains in effect today.

(What exactly is an Interpol red notice? It’s not an arrest warrant per se, but it means that if he’s spotted in any of the 194 member countries of Interpol, local authorities are expected to detain him.)

This followed a media report from 28 June stating that the United States Department of Justice (DOJ) had signed a confidential agreement with Low and his family members in early June concerning the forfeiture of 1MDB assets. This agreement is part of a global settlement aimed at concluding an asset forfeiture campaign.

This latest settlement involves the forfeiture of over US$100 million (S$135.8 million) worth of assets, including artworks by renowned artists Claude Monet and Andy Warhol.

Despite any settlements or agreements Low might have reached with other countries, however, Singapore is still intent on holding him accountable for his alleged crimes.

In response to media queries, the police clarified that the recent settlement agreement between the DOJ and Low “has no bearing” on the criminal investigations being conducted by Singapore.

What’s the Big Deal with 1MDB?

For those who need a refresher, 1Malaysia Development Berhad (1MDB) was a state fund set up to promote economic development in Malaysia. However, it turned into a massive scandal involving the embezzlement of billions of dollars.

Former Malaysian Prime Minister Najib Razak was sentenced to jail for his involvement, which led to a significant political upheaval in Malaysia.

Jho Low, the alleged mastermind behind the scheme, has always claimed innocence. Nevertheless, he has been linked to lavish purchases using 1MDB funds, including properties in New York and London, a Beverly Hills hotel, and a superyacht worth US$126 million.

So far, approximately S$164 million worth of assets in Singapore remain seized or prohibited from disposal, including around S$101 million linked directly to Low and his family.

The police also said that Singapore has obtained court orders to release about S$103 million in 1MDB-related funds to the Malaysian government.

The Singapore Police Force, alongside the Attorney-General’s Chambers, is working with international counterparts to return these assets to Malaysia, in line with the terms of the settlement agreement between Low, his family members, and the US DOJ.

So much legal jargon but what does it all mean?

Essentially, while Low and his family might have settled some civil cases in the US by agreeing to forfeit certain assets, Low hasn’t gotten off scot-free—at least not in Singapore’s books.

The Malaysian police are also in active pursuit of Low, with an arrest warrant for him.

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Shernice Sim