S’pore claims linked to Jho Low associate Eric Tan, says 1MDB task force
The 1MDB asset recovery task force has linked over US$1 billion in damages claimed against DBS Bank to accounts held by Eric Tan, an associate of fugitive Jho Low. The funds, allegedly stolen from 1MDB and SRC International, were funneled through shell companies for personal expenditures.
Why it matters
This case highlights the role of international banking institutions as gatekeepers in preventing money laundering and the ongoing efforts to recover state funds lost in the 1MDB scandal.
The 1MDB asset recovery task force says the claims filed against DBS Bank relate to five accounts opened by companies whose sole beneficial owner was Eric Tan, an associate of fugitive businessman Jho Low. (Reuters pic)
KUALA LUMPUR: Claims for more than US$1 billion in damages filed in Singapore against DBS Bank are linked to accounts opened by an associate of fugitive businessman Low Taek Jho, better known as Jho Low, says the 1MDB asset recovery task force.
The task force referred to a claim filed in the Singapore High Court by the court-appointed liquidators of four companies – BlackRock Commodities (Global) Ltd, Platinum Global Luxury Services Ltd, Affinity Equity International Partners and TKIL Global Investments Ltd.
In a statement, the task force said the five DBS accounts were opened in 2013.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in