KUALA LUMPUR: Malaysia is seeking to repossess a $35 million private jet owned by financier Low Taek Jho as part of investigations into a multibillion-dollar scandal at state fund 1MDB, Prime Minister Mahathir Mohamad said on Sunday.
The financier, also known as Jho Low, bought the Bombardier Global 5000 jet for $35.4 million in 2010 using funds allegedly taken from 1Malaysia Development Berhad (1MDB), the US Department of Justice (DOJ) has said.
Authorities in Malaysia and the United States are investigating how billions of dollars went missing from 1MDB. The DOJ says over $4.5 billion was misappropriated from the fund, with some of the money used to buy the private jet, a superyacht, Picasso paintings, jewelry and real estate.
Last week, the $250 million superyacht Equanimity, which the DOJ says was also bought by Jho Low, was handed over to Malaysia by Indonesia, which had seized the asset earlier this year.
When asked if Malaysia would also seek to take possession of the Bombardier Global 5000 jet, Mahathir said: “Yes, I think so. We have to bring it back,” state news agency Bernama reported on Sunday.
The jet was grounded last year in Singapore, according to some media reports. Singapore has not confirmed it has the jet.
Singapore’s foreign ministry and a representative for Low did not immediately have a comment.
Malaysian authorities have issued an arrest warrant for Low, whose whereabouts are unknown. Low, whose Malaysian passport has been revoked, has previously denied any wrongdoing.
A spokesman for Low’s legal team has said the handing over of the Equanimity yacht to Malaysia was illegal and in violation of Indonesian and US court orders.
In civil lawsuits filed in the United States, the DOJ is seeking to seize assets that were allegedly bought with 1MDB money.
Malaysia seeks $35 million private jet linked to 1MDB scandal
Malaysia seeks $35 million private jet linked to 1MDB scandal
DP World announces new leadership appointments
DUBAI: DP World announced the appointment of Essa Kazim as Chairman of its Board of Directors and the appointment of Yuvraj Narayan as Group Chief Executive Officer.
Essa Kazim currently serves as Governor of the Dubai International Financial Centre and Chairman of Borse Dubai. He brings extensive experience in financial and economic affairs, having previously held senior leadership positions in several national institutions.
Yuvraj Narayan has extensive professional experience in financial management, corporate finance, supply chains, and global trade. Since joining DP World in 2004, he has led a number of strategic and transformational initiatives that supported the company’s expansion across international markets and strengthened its role as an integrated global provider of end-to-end supply chain solutions.
Narayan has served as Group Chief Financial Officer since 2005, contributing to the company’s financial resilience and operational efficiency.
DP World affirmed that the new appointments support its strategy for sustainable growth and reinforce its role in strengthening global supply chains and supporting Dubai’s position as a leading hub for trade and logistics.
