The sister of fugitive Malaysian financier Low Taek Jho, whose whereabouts are still unknown, and a close associate were ordered by the Kuala Lumpur High Court to pay 11.58 billion ringgit (US$2.8 billion) to 1Malaysia Development Bhd (1MDB), over “tainted proceeds” misappropriated from the state fund.
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Justice Mahazan Mat Taib granted the judgment in default (JID) against Low May Lin, the sister of Low – better known as Jho Low – and Eric Tan, after the court found that 1MDB had decisively proven its case against the pair.
The court specifically highlighted expert evidence showing Tan’s role as the beneficial owner of key accounts that received billions, and May Lin’s role as a personal beneficiary of siphoned funds originating from her father.
Tuesday’s judgment comes years after the multibillion-dollar 1MDB scandal which saw billions diverted from Malaysia’s sovereign wealth fund in a complex international scheme.
The presiding judge noted that the evidence revealed “an elaborate, multilayered, and multifaced siphoning of funds orchestrated by individuals in positions of power, aided by a network of offshore entities and trusted associates, including the defendants,” according to Justice Mahazan.
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The plaintiffs had presented extensive documentary evidence to the court. These documents included bank records, SWIFT confirmations, account opening forms, corporate documents and fund-flow reconstruction charts.