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PETALING JAYA (May 30): Two luxury condominiums belonging to Jho Low, allegedly bought with money stolen from 1Malaysia Development Bhd (1MDB) are to be sold as part of U.S. forfeiture lawsuits targeting the properties, reported Bloomberg.
Jho Low’s lawyers and the U.S. yesterday asked a Los Angeles federal judge to let them take the first step toward listing sales of the $31 million (RM130 million) Time Warner penthouse at 80 Columbus Circle, acquired by Low in 2011, and a $14 million condo at 118 Greene Street that he bought in 2014.
Where the proceeds will go remains unresolved at present.
The news agency reports that this month, federal prosecutors and Low’s lawyers asked the Los Angeles judge for permission to sell a $39 million mansion in Los Angeles because the empty estate was too expensive to maintain.
“Mr. Low is aware of two further successfully negotiated agreements with the U.S. government," a representative of Low said in a statement. “This continued ongoing collaboration is crucial in order to protect both the value of the assets and the parties’ legal rights."
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