Jho Low’s assets frozen

KUALA LUMPUR: The High Court here has granted an ad interim injunction against fugitive financier Low Taek Jho, or Jho Low, to prevent him from transferring or dissipating his assets in Malaysia amounting to US$1.03bil (RM4.34bil) in a lawsuit filed by 1Malaysia Development Bhd (1MDB) and its subsidiaries.

Lawyer Siva Kumar Kanagasabai, who represented 1MDB, told reporters that the ad interim injunction was granted on the same terms as an ex-parte injunction obtained on March 16 and would be effective until an application for an inter parte injunction is decided.

During the online proceedings yesterday, the court fixed the inter parte hearing for May 25 before Justice Hayatul Akmal Abdul Aziz.

Earlier this month, 1MDB and the subsidiary, Global Diversified Investment Company Limited (formerly known as 1MDB Global Investments Limited), obtained a Mareva injunction from the High Court preventing Low from disposing his billion-dollar worth of assets.

Low’s father Tan Sri Larry Low Hock Peng also faces a similar injunction involving US$401.5mil (RM1.7bil).

The injunction also capped both father and son’s monthly expenditure to no more than RM20,000 a month each for living and legal expenses.

Should they need more than the allowed amount, they need to get prior written permission from 1MDB and Global Diversified’s solicitors.

The order also states that both father and son must make written disclosures to 1MDB and Global Diversified regarding their assets, valued at US$1.03bil and US$401.5mil, respectively, whether locally or abroad, under their own name or otherwise, and whether under sole or joint possession.

They must provide the value, location and all information related to the assets, and it must be verified through an affidavit sent to the first and fifth plaintiff’s counsel within 14 days after the order is served on the counsel representing the two defendants.

The court order also states that any individual in these proceedings or otherwise, who is informed of the order in question, should not aid or permit a breach of the order where they may be subject to contempt of court.On May 7, 2021, 1MDB and its four subsidiaries, namely Global Diversified, 1MDB Energy Holdings Limited, 1MDB Energy Limited and 1MDB Energy (Langat) Limited filed a US$3.8bil lawsuit against Low, his father, his mother Puan Sri Goh Gaik Ewe, sister May Lin, younger brother Taek Szen and associate Eric Tan Kim Loong.