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10 July 2015
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In total, US$1.03 billion of 1MDB money made its way to Good Star – US$700 million in Sept 2009 and US$330millon in May 2011.
That is now the subject of investigation by authorities in Malaysia, Switzerland and Singapore, who also want to know where the US$528 million went from the BSI account in Singapore.
Was US$529 million moved to Jho Low’s account from 1MDB?
The Wall Street Journal (WSJ) reported today that investigators in Malaysia and Singapore are probing into the US$529 million kept in a private bank account of businessman Low Taek Jho or Jho Low in Singapore.
The Sarawak Report (SR) website also wrote about this account at BSI SA bank Singapore earlier this week.
According to both the WSJ and SR, a total of US$529 million were transferred in several transactions between June 2011 and September 2013 to the BSI account from Good Star Ltd.
The BSI account belonged to Abu Dhabi Kuwait Investment Corp (ADKIC) and Singapore authorities have confirmed to their Malaysian counterparts that the beneficial owner of that account is Jho Low. The account was closed in February 2014.
The name Good Star has been in the centre of the dubious joint venture that 1Malaysia Development Bhd (1MDB) entered into in September 2009 with PetroSaudi international.
Of the initial US$1 billion that 1MDB put in, US$700 million was sent to Good Star a day after the joint venture was signed.
Good Star had nothing to do with the joint venture and The Edge Malaysia has reported that it is not part of the Petro Saudi group as claimed.
The Edge has also said that Good Star was controlled by Jho Low, whose buddy Seet Li Lin is the chief investment officer at the company.
Subsequently, after the joint venture was called off and in May 2011 1MDB subscribed to US$330 million of murabaha notes from Petro Saudi and this money was also sent to the Good Star account at RBS Coutts in Zurich.
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PAC to summon Jho Low, @NurJazlan says http://www.malaysiakini.com/news/304698 @1MDB @jho_low
The Public Accounts Committee (PAC) will summon businessperson Jho Low with regard to his role when he was adviser to 1MDB’s predecessor, Terengganu Investment Authority (TIA).
PAC chairperson Nur Jazlan Mohamed said the committee arrived at the decision after listening to briefings on investments made by 1MDB.
“We are summoning him based on his capacity as special adviser to TIA,” NBur Jazlan told reporters in Parliament today.
http://www.malaysiakini.com/news/304698
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Malay Mail Online
WSJ: Jho Low now tangled up in 1MDB probe as Singapore reveals bank info
In March, Malaysian authorities were told of US$529 million said to have been deposited between 2011 and 2013 into an account at BSI Bank in Singapore that was controlled by Low.
KUALA LUMPUR, July 10 — Often linked but never tied to 1Malaysia Development Bhd, billionaire Low Taek Jho has been drawn into an ongoing probe of the firm after Singapore regulators shared information of a US$529 million (RM2 billion) deposit into his bank there, the Wall Street Journal reported.
According to the WSJ, the disclosure was made by Singapore’s financial regulators who were aiding Malaysian investigators probing claims that billions of ringgit were misappropriated from the state-owned 1MDB’s coffers.
“Malaysian authorities have received information about the accounts of a young Malaysian financier as part of a probe into allegations of misallocation of money from a controversial state investment fund overseen by Prime Minister Najib Razak,” said the report.
In March, Malaysian authorities were told of US$529 million said to have been deposited between 2011 and 2013 into an account at BSI Bank in Singapore that was controlled by the tycoon popularly known as Jho Low.
BSI Bank is also the same institution in which 1MDB deposited US$1.1 billion of what was initially represented as cash, but embarrassingly turned out to be “units” of an undisclosed nature.
In a March 13 letter, Singapore police’s Suspicious Transaction Reporting Office gave details of deposits into the business account from the Swiss bank account of a company called Good Star Ltd.
Singapore authorities were unable, however, to ascertain the source and eventual destination of the US$529 million.
Malaysian financier Jho Low is tied to an inquiry into 1MDB http://on.wsj.com/1JX0E7P via @WSJ (1/2)
Malaysian financier Jho Low is tied to an inquiry into 1MDB http://on.wsj.com/1JX0E7P via @WSJ (1/2)
M’sian businessman Jho Low’s account in Singapore scrutinised in #1MDB probe, says WSJ http://tdy.sg/1Sc7EzH
KUALA LUMPUR — Businessman Low Taek Jho’s accounts have come under scrutiny amid an ongoing probe into allegations that billions of ringgit from 1Malaysia Development Berhad (1MDB) were transferred into Prime Minister Najib Razak’s personal accounts.
According to a report by The Wall Street Journal (WSJ), Singaporean police and Bank Negara had discussed some US$529 million (S$713 million) in accounts belonging to Mr Low, also known as Jho Low, after the central bank in March asked for Singapore’s help investigating 1MDB
Citing a letter dated March 13 from Singapore’s Suspicious Transaction Reporting Office to Bank Negara, WSJ said the money was deposited into a Singaporean business bank account at BSI SA, controlled by Low between 2011 and 2013.
The Suspicious Transaction Reporting Office said the money had been deposited from the Swiss bank account of a company called Good Star Ltd, although it was not stated where Good Star had obtained the funds or what happened to the money. The account was reportedly closed last February.
http://www.todayonline.com/world/asia/jho-lows-account-singapore-scrutinised-1mdb-probe-says-wsj
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weehingthong 