Jho Low drops claim to New York's Park Lane Hotel in US forfeiture lawsuit

Located in the coveted Bird Streets on a pie-shaped promontory known as the Crown, the 1.2-acre complex was famously owned by Jho Low.

NEW YORK (Bloomberg): The Park Lane Hotel in New York City can be sold to Abu Dhabi's state-owned Mubadala Investment Co. after fugitive Malaysian financier Low Taek Jho (pic) agreed to drop his claims to the property in a US forfeiture lawsuit.

The US Justice Department has been trying to seize Low's stake because he allegedly bought it with money stolen from Malaysia's state-owned 1MDB investment fund. The intermediary companies that hold Low's interest in the property said in a filing Friday (Nov 16) in federal court in Los Angeles that they will withdraw their claims.