S’pore claims linked to Jho Low associate Eric Tan, says 1MDB task force

The 1MDB asset recovery task force has stated that a claim for over US$1 billion in damages filed in Singapore against DBS Bank is connected to accounts opened by associates of fugitive businessman Jho Low. The task force cited five accounts opened by companies whose sole beneficial owner was Eric Tan, a known associate of Low. These accounts were established in 2013, with Tan serving as the sole beneficial owner of all four companies.

The task force revealed that these accounts were used to move money between the four companies without a valid reason before being paid to third parties, including jewelers, a private jet charterer, and nightclubs. Some of the funds were also utilized in the acquisition of a superyacht. The task force welcomed the legal action, emphasizing that the liquidators were seeking recovery on behalf of fraud victims, including 1MDB.

The group also highlighted that banks serve as "gatekeepers" of the financial system and should question the movement of large sums of money through shell companies before payments to luxury goods dealers. The task force concluded that any money recovered will be returned to the Malaysian people.