Bank To Auction Off Missing Ex 1mdb Counsel S Apartment

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The High Court orders OCBC Bank to carry out auction of Jasmine Loo’s apartment before June 16.KUALA LUMPUR: The High Court here today allowed OCBC Bank to auction off former 1MDB counsel Jasmine Loo’s apartment in Mont Kiara, to recover an outstanding loan of RM308,375.
The court also ordered that the auction of Loo’s apartment be done before June 16 this year.
OCBC also sought the court’s deputy or senior assistant registrar to assess the reserve price for the auction, saying that it must be competitive with the market price for the unit at Apollo Tower.
The bank filed the suit against Loo last September after she failed to service the loan she had taken for her apartment.
Loo has been missing since May 2018, along with several other key individuals linked to the 1MDB scandal, namely former SRC International chief executive officer Nik Faisal Ariff Kamil, former 1MDB executive director Tang Keng Chee, and Geh Choh Heng. All four left Malaysia just before the 14th general election which took place on May 9, 2018.
Another two individuals wanted by authorities over the 1MDB scandal are Low Taek Jho (Jho Low) and Tan Kim Loong. They left the country in May 2015.
The authorities have since sought Interpol’s assistance to track all six of them. OCBC told the court that Loo had taken the loan of RM392,714 in June 25, 2010.
Loo, 48, is also said to owe RM2.4 million in taxes for the assessment years of 2012 to 2018. Notices were sent to her last-known address at Damansara Heights here in November but there was no reply.
The Inland Revenue Board has since obtained a summary judgment against her on the RM2.4 million assessment. - FMT

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