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
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
