Jho Low used similar company names to siphon money from 1MDB, court told

: The High Court was told today that fugitive businessman Low Taek Jho or Jho Low had deliberately used a naming convention for offshore shell companies built by him to resemble well-established companies in his conspiracy to siphon millions of dollars from 1Malaysia Development Berhad .

The issue of company names came about when the witness was asked by Wan Aizuddin whether he was familiar with a private company called Abu Dhabi Media Investment Corporation , which bore the same acronym as Jho Low’s Abu Dhabi Malaysian Investment Company Ltd . Wan Aizuddin: I’m suggesting that the change of name to ADMIC was for the purpose to confuse people... to show that ADMIC could be the ADMIC incorporated in Abu Dhabi.Wan Aizuddin: I put it to you, that his change of name was a way, by Jho Low, to perfect his plan in order for him to embezzle billions of dollars from 1MDB.Shahrol Azral: I agree.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Jho Low had a habit of 'masking' offshore company names to sound like established companies, court toldKUALA LUMPUR: The High Court was told that fugitive businessman Low Taek Jho, better known as Jho Low, had a habit of “masking” the names of offshore companies to sound similar with that of established companies in his plan to embezzle money from 1Malaysia Development Bhd (1MDB).
Source: staronline - 🏆 4. / 75 Read more »