Malaysia Says Mastermind Behind $4.5B Scam Fled Macau

Low living High

From Courthouse News Service: 7/11/18

KUALA LUMPUR, Malaysia (AP) — Fugitive businessman Low Taek Jho, a suspect in the looting of Malaysian state investment fund 1MDB, has fled Macau to an unknown destination, police said Wednesday.

Malaysia cancelled Low’s passport but Fuzi said Low could have several travel documents, making it tougher to trace him. Interpol has issued an arrest notice for Low at Malaysia’s request, and Fuzi said he hoped to soon get news about Low’s whereabouts.

U.S. prosecutors allege that Low was a central figure in looting and laundering at least $4.5 billion from the fund.  A friend of Najib’s stepson Riza Aziz, Low had no official role at 1MDB but had considerable influence over its dealings and was often in contact with Najib, according to the Justice Department.

Switzerland Attorney-General Michael Lauber said Tuesday that the scandal could involve an estimated $7 billion in fraud, far greater than the U.S. figure.

Najib was charged last week with criminal breach of trust and abuse of power, making him one of few Southeast Asian leaders to be prosecuted after losing office.  Anger over the 1MDB saga contributed to the surprise defeat of Najib’s long-ruling coalition in May 9 elections, ushering in Malaysia’s first change of power since its independence from Britain in 1957.  (end Courthouse news)

Former Malaysian Prime Minister Najib Razak

Khairy, the Barisan Nasional lawmaker, discounted speculation that Najib had been hoping to find some way out of his predicament.  Now, without Najib at the helm, the priority for the former ruling coalition was figuring out how to become the opposition for the first time, Khairy said.

“We were in a state of collective denial,” he said, adding that the coalition had misunderstood the anger of the population. “We were too drunk on our own Kool-Aid, and this is a sobering lesson for us which we’ll remember for the rest of our lives.”

Time for The Spin Doctor, as law and order is being restored around the world.