by Edvard Pettersson
Bloomberg
December 14, 2016
A U.S. effort to seize about $1 billion in assets allegedly acquired with funds siphoned from 1Malaysia Development Bhd. is moving ahead over objections from relatives of the Malaysian financier at the center of the scandal.
A Los Angeles federal judge’s ruling Monday blocking family members of Low Taek Jho, known as Jho Low, from intervening in the forfeiture lawsuits gives the government the upper hand as it seeks to confiscate properties including a $100-million interest in EMI Music Publishing Group, a $35 million Bombardier jet and a $380-million stake in the Park Lane Hotel in New York.
To fight back against the U.S. in Low’s absence, four of his relatives, including his father and brother, are trying to replace the Swiss trustees holding the assets that have declined to oppose the forfeiture. According to the family, the Swiss trustees fear being exposed to criminal liability if they get involved.
U.S. District Judge Dale Fischer refused in Monday’s ruling to give the relatives additional time to pursue legal action in New Zealand and the Cayman Islands, where they are trying to replace the trustees with others who are more willing to defend their interests. Continue reading “U.S. Seizure of 1MDB Assets Moves on With Jho Low’s Family Sidelined”