Jho’s Yacht Bought with State Proceeds
Malaysia is now in a hurry to sell the Low Taek Jho’s $250 million super yacht. The officials took possession of the yacht after investigators alleged that he bought the vessel using funds stolen from a state investment company. The state fund 1 Malaysia Development Bhd. and the government filed an application seeking permission to dispose of the super yacht of 300-foot as it requires “substantial and escalating expenses” in maintenance. Filed by Joseph & Partners representing the Government of Malaysia and 1MDB, the court hearing for the case will take place on November 2.
Although there are lots of dissimilarities in the traditional and crypto world, one thing that is common is fraud, embezzlements, and scams. Similar to the Low Taek Jho embezzlement incidence, a Canadian Bitcoin (BTC) exchange, MapleChange recently lost all its funds in a hacking. The scam forced the Alberta-based exchange to go in an offline mode for some time.
Goldman Sachs Bankers Involved
According to the U.S authorities, the vessel is one of the assets among $1.7 billion that the U.S. claims Low acquired using the embezzled money. In May this year, a district judge from the United States ordered Low to hand over the super yacht to the authorities in America so that they can sail it from Indonesia. The authorities seized the vessel in the country in February 2018. According to the report, two former bankers from Goldman Sachs and the Malaysian financiers Low Taek Jho have been found guilty of participating in a scheme related to stealing billions of dollars from 1MBD. The alleged scammers are now facing US criminal charges for being a part of one of the world’s largest financial scandals.
Of the two former Goldman bankers, one plead guilty as legal authorities arrested the other banker. Mr. Low, on the other hand, maintains his innocence. According to the prosecutors, the financier has good ties with high-end government officials and was an informal advisor to the 1MDB fund. Previously Low denied charges filed in his country saying that he do not believe to receive fair trial in Malaysia. The statement issued by prosecutors says that the financier is asking the public to look into the matter with open mind until all the evidences come to the fore. Low believes that once all the proofs are on the table, the court will vindicate him.
As per the US authorities, the yacht has a tendency to deteriorate when exposed to natural elements like sea and weather and hence is just a wasting asset. The filing further says that for the better interest of everyone, it is necessary to sell the vessel as quickly as possible to avoid the further diminution of its value.