KUALA LUMPUR: Malaysia is seeking to repossess a $35 million private jet owned by financier Low Taek Jho as part of investigations into a multi-billion dollar scandal at state fund 1MDB, Prime Minister Mahathir Mohamad has said.
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 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.
Aviation services firm Jet Aviation said a Bombardier Global 5000 with the same registration number as the one identified by DOJ was at its facility at Seletar Airport in Singapore.
A spokeswoman for Jet Aviation said the firm was “working closely with the local authorities.” She declined to say how the firm came to be in possession of the aircraft.
Singapore’s foreign ministry did not immediately comment.
Singapore, one of at least six countries investigating 1MDB, said in 2016 it had frozen about S$120 million ($87.24 million) of funds and properties in the city-state belonging to Low and his immediate family.
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 Low, whose Malaysian passport has been revoked, has previously denied any wrongdoing.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 representative for Low has said the handing over of the Equanimity yacht to Malaysia was illegal and in violation of Indonesian and US court orders.
A spokesman for Low, through his attorneys, on Monday said if Mahathir’s intention to seize the private jet was “anything like his illegal seizure of the Equanimity,” Mahathir will ignore ongoing legal processes and conduct a trial by media.
Mahathir’s office was not immediately available for comment.
In civil lawsuits filed in the United States, the DOJ is seeking to seize assets that were allegedly bought with 1MDB money. ($1 = 1.3755 Singapore dollars)
Malaysia seeks financier’s $35 million jet linked to 1MDB scandal
Malaysia seeks financier’s $35 million jet linked to 1MDB scandal
- The financier bought the Bombardier Global 5000 jet for $35.4 million in 2010
- Authorities in Malaysia and the United States are investigating how billions of dollars went missing from 1MDB
Global investors commit more than $3bn to King Salman Park as Saudi giga-project secures new deals
RIYADH: The King Salman Park Foundation has secured more than $3.8 billion in new private-sector commitments at the MIPIM 2026 real estate conference, including a landmark $3 billion fund backed by international investors to develop a major mixed-use district in the heart of Riyadh.
According to a press release, the announcements bring total committed investment in the 17.2 sq. kilometers urban regeneration project to over $5.3 billion across five major packages.
Launched in 2019 under Saudi Vision 2030, the development is designed to be the world’s largest city park and aims to boost green space, improve quality of life, and feature over 1 million trees and extensive leisure facilities.
A $3 billion metro-connected district
The largest of the two packages, designated Package 5, will see a consortium led by Kolaghassi Development Co. deliver a residential-led district with a total built-up area exceeding 1 million sq. meters.
It will provide approximately 3,700 residential units, a K–12 school, around 300 hospitality keys and more than 100,000 sq m of Grade A office space alongside a wide variety of retail and dining offerings.
The development is supported by a Saudi-domiciled, Capital Market Authority-regulated fund managed by Mulkia Investment Co. that has attracted leading investors from the Kingdom and across the world.
Kolaghassi Development Co. will lead the project alongside Al Othaim Investment, one of the Kingdom’s real estate players, and RXR, a New York-headquartered real estate investor and operator.
“Securing investment of this scale, supported by international capital and expertise, is an important milestone for King Salman Park,” said George Tanasijevich, CEO of King Salman Park Foundation.
$850 million cultural district package
In a separate announcement, the Foundation confirmed the award of Package 4 to a consortium led by Retal Urban Development Co., with support from a fund managed by SAB Invest.
The project has a total value exceeding $850 million and will host more than 600 residential units, over 140 hotel keys, and almost 50,000 sq m of Grade A office space, alongside curated retail and food and beverage experiences.
“This opportunity reflects the maturity of Saudi Arabia’s real estate investment landscape and our confidence in culture-led, mixed-use urban destinations as a driver of sustainable returns,” said Abdullah Al-Braikan, CEO and founder of Retal Urban Development Co.
Ali Al-Mansour, CEO of SAB Invest, said the fund structure brings together “long-term capital, experienced development partners, and a shared commitment to place-making excellence” while contributing to Riyadh’s cultural vibrancy and the Kingdom’s quality-of-life ambitions under Vision 2030.
