KL court orders Jho Low's sister and associate to pay $4.7b to IMDB

The High Court in Kuala Lumpur has ordered the sister of fugitive businessman Low Taek Jho and his close associate Eric Tan to pay around US$3.6 billion (S$4.7 billion) to 1Malaysia Development Berhad (1MDB) over "tainted proceeds" that belonged to the sovereign wealth fund.

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Justice Mahazan Mat Taib granted the judgment in default (JID) against Low May Lin, the sister of Low, also known as Jho Low; and Tan, whose whereabouts remain unknown, after finding that 1MDB had proven its case against the two.

"The evidence before this court reveals an elaborate, multilayered, and multi-faced siphoning of funds orchestrated by individuals in positions of power, aided by a network of offshore entities and trusted associates, including the defendants," Justice Mahazan said on Nov 25.

The court said the plaintiffs had tendered extensive documentary evidence, including bank records, SWIFT confirmations, account opening forms, corporate documents and fund-flow reconstruction charts.