Malaysia 1MDB probe: Family of businessman Jho Low moves to protect assets

Four relatives of Low Taek Jho are planning to file court actions in New Zealand and the Cayman Islands this week to have real estate and other assets transferred to a new trustee.

By: Reuters | Published:December 7, 2016 10:38 am
Malaysia investment fund, 1MDB fiund, Malaysian lawmaker, Malaysia arrest, Malaysia news, world news, indian express According to the filing, the move to try courts elsewhere came after the U.S. government opposed a prior attempt by the Low relatives to transfer the assets to a new trustee. (File Photo)

Relatives of Malaysian businessman Low Taek Jho are seeking fresh court action in a bid to prevent the U.S. government from seizing assets as part of an investigation into the scandal-tainted 1MDB fund, according to a U.S. court filing.

Four relatives of Low Taek Jho are planning to file court actions in New Zealand and the Cayman Islands this week to have real estate and other assets transferred to a new trustee, according to a motion on Monday in federal court in Los Angeles.

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The motion seeks to push a hearing on the case out to a later date, noting that there is an effort to take the case to courts in New Zealand and the Cayman Islands.

The businessman, commonly referred to as Jho Low, is among the people named in civil lawsuits filed earlier this year by the U.S. Department of Justice, which alleged that more than $3.5 billion was misappropriated from the 1MDB fund.

According to the filing, the move to try courts elsewhere came after the U.S. government opposed a prior attempt by the Low relatives to transfer the assets to a new trustee. The government had argued, among other things, that the courts of New Zealand and the Cayman Islands were the proper venue for that request.

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