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 Low, whose Malaysian passport has been revoked, has previously denied any wrongdoing.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
Closing Bell: Saudi main market closes the week in red at 10,526
RIYADH: Saudi equities ended Thursday’s session modestly lower, with the Tadawul All Share Index slipping 14.63 points, or 0.14 percent, to close at 10,526.09.
The MSCI Tadawul 30 Index also declined 3.66 points, or 0.26 percent, to 1,389.66. In contrast, the parallel market outperformed, as Nomu jumped 237.72 points, or 1.02 percent, to close at 23,430.93.
Market breadth on the main market remained tilted to the downside, with 156 stocks ending lower against 99 gainers.
Trading activity eased further, with volumes reaching 80.46 million shares and total traded value amounting to SR1.66 billion ($442 million).
On the movers’ board, Saudi Industrial Export Co. led the gainers, rising 6.6 percent to SR2.10, followed by Consolidated Grunenfelder Saady Holding Co., which advanced 6.43 percent to SR9.60.
Raoom Trading Co. climbed 4.36 percent to SR61.05, while Astra Industrial Group gained 4.35 percent to close at SR139. Riyadh Cables Group Co. added 3.77 percent to end the session at SR135.00.
On the downside, Methanol Chemicals Co. topped the losers’ list, falling 5.96 percent to SR7.41.
Flynas Co. retreated 5.43 percent to SR61.00, while Leejam Sports Co. dropped 5 percent to close at SR100.80.
Alramz Real Estate Co. slipped 4.64 percent to SR55.50, and Almasane Alkobra Mining Co. declined 4.55 percent to SR84.00.
On the announcement front, ACWA Power said it has completed the financial close for the Ras Mohaisen First Water Desalination Co., a reverse osmosis desalination project with a capacity of up to 300,000 cubic meters per day, alongside associated potable water storage facilities totaling 600,000 cubic meters in Saudi Arabia’s Western Province.
The project was financed through a consortium of local and international banks, with total funding of SR2.07 billion and a tenor of up to 29.5 years, while ACWA Power holds an effective 45 percent equity stake.
Shares of ACWA Power ended the session at SR185.90, up SR0.2, or 0.11 percent.
Meanwhile, Consolidated Grunenfelder Saady Holding Co. announced the sign-off of a customized solutions project with Saudi Aramco Nabors Drilling Co., valued at SR166.0 million excluding VAT.
The 24-month contract covers the sale and maintenance of field camp facilities, with the financial impact expected to begin from the first quarter of 2026.
