Jho Low Was Our Shadow Director Says 1mdb In Court Filing
Low Taek Jho had replied to 1MDB’s suit saying it should be dismissed as it failed to disclose a reasonable cause of action over the allegation of breach of trust or fiduciary duty. (Bloomberg pic)KUALA LUMPUR: Malaysia’s wealth fund 1MDB has claimed that fugitive businessman Low Taek Jho or Jho Low was its “‘shadow director” as a proxy of former prime minister Najib Razak in giving instructions to the company’s board and senior management.
1MDB and four subsidiaries stated so in their reply to Jho Low’s statement of defence filed at the High Court here on Feb 23.
1MDB claims Jho Low owed the plaintiffs fiduciary duties and had been a trustee of the company’s assets.
The company said Jho Low procured his proxies to work at 1MDB, including former finance director Terrence Geh, former 1MDB lawyer Jasmine Loo, former executive director Casey Tang and former SRC International Sdn Bhd chief executive officer Nik Faisal Ariff Kamil.
“The proxies occupy key senior management positions in 1MDB, among others, to monitor the management and board, implement major decisions in accordance with Jho Low and Najib’s wishes to facilitate the utilisation of 1MDB’s funds in accordance with Low and Najib’s fraudulent intentions,” 1MDB claimed, adding that Najib was also a shadow director of 1MDB.
According to 1MDB, Jho Low received funds belonging to 1MDB and its subsidiaries when he knew or ought to have known that the funds belonged to the companies and were diverted to him in breach of trust and fiduciary duties.
1MDB said the suit it filed against Jho Low was to recover trust monies which had been received by Jho Low, when he knew that the money had been transferred to him in breach of trust, among others, by Najib.
The company said that in 2020 Najib as the Minister of Finance (Incorporated), the sole shareholder of 1MDB, together with Jho Low’s involvement, ordered the removal of Ernst & Young as auditor in order to hide the company’s losses due to fraudulent misappropriation of funds and to prevent the investigation, as well as the discovery of facts and material evidence regarding the fund.
The suit by 1MDB and its four subsidiaries was filed on May 7 last year against Jho Low, his parents Larry Low and Goh Gaik Ewe, his elder sister May Lin, his younger brother Taek Szen and his associate Eric Tan.
1MDB claimed US$661 million from Jho Low and US$41 million, US$397 million, US$608 million, and US$1.9 billion from Jho Low and Tan, and US$325 million from Jho Low and his father, respectively.
1MDB Global Investments Ltd also claimed US$630 million from Hock Peng, Jho Low and Tan, as well as US$2 million from Taek Szen, Jho Low and Tan.
The plaintiffs also claimed US$3.5 million from May Lin and Jho Low, US$1.695 million from Goh, Jho Low and Tan in connection with the purchase of jewellery and secret profits, besides, US$25.5 million from Jho Low, Tan, Hock Peng and Taek Szen.
In his statement of defence, Jho Low stated that he did not hold any official positions or fiduciary responsibilities in 1MDB or its four subsidiaries.
He said the lawsuit should be dismissed as it failed to disclose a reasonable cause of action over the allegation of breach of trust or fiduciary duty.
Jho Low further claimed that he was never a director or shareholder in 1MDB, its four subsidiaries, and even a member of its board of advisors or part of the management team of any of the five plaintiffs. - FMT
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