Jho Low S Jet To Go Under The Hammer Two Weeks From Now

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A US federal court has granted approval to auction off a private jet bought by fugitive businessperson Jho Low, allegedly with funds misappropriated from state investment fund 1MDB
Global One Aviation (Global 5000) Ltd, in a statement yesterday, said the court had approved for the bid, also sought by the US Department of Justice, to be held immediately
Court filings said the bid for the Bombardier Global 5000 jet will be held two weeks from now, and bidding will be open for 25 days
The proceeds will be held in escrow by the US until the rights of various parties over the jet are determined by the courts
Global One Aviation then took a swipe at Putrajaya in relation to its seizure of the Equanimity
"These rights and protections afforded by the US are all the more important, given that the jet is currently located in Singapore
"As recently demonstrated by the Malaysian government’s illegal seizure of the yacht Equanimity, the unlawful commandeering of an asset outside of sovereign legal proceedings is not only an affront to the rule of law and international comity, but also greatly diminishes the fair market value of the asset," it said
Global One Aviation is a trust that was established to hold the Bombardier jet in compliance with US laws, and it filed a claim over the aircraft in the DOJ's suit to seize it
The public relations firm that sent out the trust's statement, had previously issued statements from Equanimity (Cayman) Ltd, the company formed to operate and maintain the superyacht
The DOJ claims Low used US$35 million in misappropriated 1MDB funds to buy the jet in 2009
The jet was seized by Singapore authorities in 2017.Once sold, proceeds from the sale will be paid to Jet Aviation - a private firm that has been keeping the aircraft in its hangar at Seletar Airport for 18 months now
In August, The Straits Times of Singapore reported that the amount owed to Jet Aviation has snowballed to about RM3.5 million. - Mkini

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