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Jho Low had a habit of 'masking' offshore company names to sound like established companies, court told

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KUALA 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).

This was suggested by lawyer Wan Aizuddin Wan Mohammed who was cross-examining former 1MDB CEO Datuk Shahrol Azral Ibrahim Halmi at Datuk Seri Najib Razak’s 1MDB trial involving RM2.28bil here on Wednesday .

The issue came about as Wan Aizuddin was questioning Shahrol on Abu Dhabi Malaysia Investment Company Ltd, a company which was originally registered as Malaysian Abu Dhabi Investment Company on March 5,2013.Do you know how this change of name happened?I can tell you, there is quite a funny story behind it. Jho told me that the Abu Dhabi guys were sensitive that “Malaysia” came first in the name before “Abu Dhabi”. So I said “ikut suka mereka lah ”.

I’m suggesting that the change of name to Admic was for the purpose to confuse people... to show that the Admic could be the Admic incorporated in Abu Dhabi.Would you also agree that Jho Low has always been in this habit of incorporating offshore companies having similar names with well-established companies?I put it to you, that this change of name was a way, by Jho Low, to perfect his plan in order for him to embezzle billions of dollars from 1MDB.

Aabar BVI was set up by Low and his associates in the British Virgin Islands and the company was used to misrepresent the other Aabar Investment PJS.

 

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