Jho Low and dad fail to unfreeze assets in M’sia

KUALA LUMPUR: Fugitive businessman Low Taek Jho, or Jho Low, and his father have failed to set aside a court order obtained by 1Malaysia Development Bhd (1MDB) and its subsidiary to freeze the duo’s assets in Malaysia worth a total of US$1.431bil (about RM6.28bil).

High Court judge Justice Hayatul Akmal Abdul Aziz dismissed the applications by Low and Tan Sri Larry Low Hock Peng to set aside the ex parte (temporary) Mareva injunction order obtained by 1MDB and instead granted an inter parte order (normally in place till judgment is entered) after hearing from parties during an online proceeding here yesterday.

The order effectively bars the Lows from disposing their assets.

The judge also ordered costs of RM5,000 to be paid to 1MDB and its subsidiary Global Diversified Investment Company Ltd (formerly known as 1MDB Global Investments Ltd).

According to lawyer Siva Kumar Kanagasabai, who represented 1MDB, the court also granted several supplementary orders after hearing submissions from parties.

He said this included the order that if Low and Hock Peng did not comply with the inter parte Mareva disclosure orders, they would be debarred from being heard in the proceedings, their defence would be struck out and 1MDB would be at liberty to apply to enter a judgment against them.

The next case management is on June 13.

On March 16, 1MDB and Global Diversified obtained the ex parte Mareva injunction from the High Court, preventing Low from disposing his US$1.03bil (RM4.52bil) assets. Low’s father also faces a similar injunction involving US$401.5mil (RM1.76bil).

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

On May 7, 2021, 1MDB and its four subsidiaries, namely Global Diversified, 1MDB Energy Holdings Ltd, 1MDB Energy Ltd and 1MDB Energy (Langat) Ltd filed among others, a US$3.78bil (RM16bil) 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.