1MDB fund a ‘victim’ of Jho Low, say prosecutors

SINGAPORE: Malaysian financier Low Taek Jho is the central figure in probes linked to 1Malaysia Development Bhd (1MDB), and that he used money traceable to the state fund for his own benefit.

Low received “huge” sums of money, the prosecutors said in court filings made public yesterday. About US$1bil that 1MDB was purported to invest in a joint venture with PetroSaudi International Ltd was diverted to a bank account beneficially owned by Low, according to the filings.