KUALA LUMPUR : US prosecutors are seeking to sell a US$39mil Los Angeles mansion allegedly bought by fugitive Malaysian financier Low Taek Jho with money stolen from a state fund, court filings showed.
The mansion was now empty and falling into disrepair, costing nearly US$690,000 in maintenance, insurance and taxes annually, US prosecutors and the property’s holding company said on Friday . The money from the proposed sale will be held in a government account pending the outcome of the forfeiture case, they said.
Low’s spokesman said in a statement his client was aware of the proposed sale to"preserve the property's value while ensuring the owners’ claims are protected and may proceed in a timely fashion".The DoJ, in the biggest case to date in its anti-kleptocracy programme, is pursuing billions of dollars it says were misappropriated from 1MDB, a state fund founded by former Malaysian prime minister Datuk Seri Najib Razak.
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: theSundaily - 🏆 25. / 51 Read more »
Source: theSundaily - 🏆 25. / 51 Read more »