KUALA LUMPUR: Malaysia is seeking to arrest financier Low Taek Jho, believed to be residing abroad, over his involvement in a graft scandal at state fund 1Malaysia Development Berhad (1MDB), Prime Minister Mahathir Mohamad said on Friday.
Low, popularly known as Jho Low, was regarded as close to former premier Najib Razak and his family, and is seen as a central figure in the 1MDB scandal, which is the subject of multi-billion-dollar money laundering investigations underway in Malaysia and around the world.
“We are trying to arrest Jho Low, but he is not in the country, and we don’t have extradition rights in the country where he is staying,” Mahathir told reporters.
He did not say which country Low was in.
The Malaysian Anti-Corruption Commission (MACC) had issued an arrest warrant for Low, as well as Nik Faisal Ariff Kamil, a director of former 1MDB unit SRC International, a source familiar with the matter had earlier told Reuters.
The MACC was also seeking assistance from authorities in countries where Low was believed to be staying, the source said, declining to be identified due to the sensitivity of the matter.
Low advised on investments and negotiated deals for 1MDB, though he never held any official role in the fund.
Warrants were also being prepared for Roger Ng, a former Goldman Sachs Group Inc. banker, and 1MDB’s ex-chief Shahrol Halmi, the source said.
1MDB was founded by Najib in 2009 and is the subject of money-laundering probes in at least six countries, including the United States, Switzerland and Singapore.
The US Department of Justice has alleged that more than $4.5 billion was misappropriated from 1MDB, and about $700 million of that went to Najib’s personal bank accounts.
Najib has denied wrongdoing.
On Thursday, MACC issued a notice for Low and Nik Faisal to contact the commission immediately to help in its investigation. Low, through his lawyers, said he would cooperate.
Empowered by a new government elected last month, the agency has relaunched a probe into why $10.6 million from SRC was transferred into Najib’s bank account.
Anti-graft agents have questioned both Najib and his wife, Rosmah Mansor, following his shock election defeat last month to former mentor-turned-foe Mahathir.
Goldman Sachs had helped 1MDB raise $6.5 billion in three bond sales in 2012 and 2013 to invest in energy projects and real estate to boost the Malaysian economy.
Instead, more than $2.5 billion raised from those bonds was misappropriated and used to buy artwork, luxury properties in New York and London, and to pay off gambling debts in Las Vegas, the US Justice Department has alleged.
Malaysia seeks to arrest financier Jho Low over 1MDB scandal
Malaysia seeks to arrest financier Jho Low over 1MDB scandal
Finance minister announces launch of National Privatization Strategy
RIYADH: Saudi Arabia’s Minister of Finance and Chairman of the National Center for Privatization Mohammed bin Abdullah Al-Jadaan highlighted the Council of Economic and Development Affairs’ approval to conclude the Kingdom’s privatization program, noting that it had successfully completed its initiatives in line with the approved plan.
Al-Jadaan explained that since its launch, the privatization program has achieved a number of milestones, most notably the establishment of the NCP, which has created over 200 approved projects with total investments estimated at SR800 billion ($213.4 billion).
The program, he added, has also facilitated the signing of nearly 90 contracts, ranging from ownership transfer agreements to public-private partnership deals across multiple sectors.
In addition, it has contributed to strengthening the role of the private sector, improving the efficiency of government asset operations, and developing a legislative and regulatory environment that supports investment, thereby promoting economic diversification and enhancing the Kingdom’s competitiveness.
The minister announced the launch of the National Privatization Strategy, which was approved by the Council of Ministers on Nov. 25.
The initiative aims to enhance the quality and efficiency of infrastructure, improve public services for the Kingdom’s residents, strengthen the private sector’s role in sustainable economic development, and enable the government to focus on its legislative, supervisory, and regulatory functions, while reinforcing financial sustainability, all in line with the country’s Vision 2030.
Al-Jadaan said: “Saudi Arabia seeks to establish a high-quality, efficient future infrastructure capable of delivering world-class public services to citizens, residents, and visitors, while reinforcing the Kingdom’s position as a global reference in public-private partnerships.”
The strategy aims to raise satisfaction levels with public services across 18 target sectors, create tens of thousands of specialized jobs, exceed 220 public-private partnership contracts by 2030, and increase private sector capital investments to more than SR240 billion by 2030.
The NPS has established five main programs to empower and advance the privatization system, along with 42 executive initiatives to achieve its objectives and the Vision 2030 targets related to privatization.
It also includes an executive program dedicated to identifying and prioritizing key privatization opportunities, with over 145 high-priority opportunities already identified, representing attractive investment prospects for the private sector.
