S’pore claims linked to Jho Low associate Eric Tan, says 1MDB task force
The 1MDB asset recovery task force says any money recovered will be returned to the Malaysian people.
The 1MDB asset recovery task force has stated that a $1 billion-plus lawsuit filed against DBS Bank in Singapore is tied to accounts established by Eric Tan, a close ally of fugitive businessman Jho Low. The task force cited five DBS Bank accounts opened in 2013, all named Eric Tan as their sole beneficial owner. These accounts were used to process money before it was disbursed to third parties, including jewelry stores, a private jet charter service, and nightclubs.
Some of the funds were also utilized to acquire a superyacht. The task force emphasized that the money originated from 1MDB and SRC International, making any recovery by the four companies and their appointed liquidators a win for Malaysia. The liquidators were pursuing the claim on behalf of fraud victims, including 1MDB. The task force praised banks for their role as financial system regulators and urged them to scrutinize shell companies engaging in excessive money transfers.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- S’pore claims linked to Jho Low associate Eric Tan, says 1MDB task force freemalaysiatoday.com
