KUALA LUMPUR (Feb 22): After being slapped with a suit for unpaid tax of RM2.4 million, 1MDB’s former general counsel Jasmine Loo Ai Swan is now faced with the prospect of having her apartment in Kuala Lumpur auctioned off.
OCBC Bank (M) Bhd has filed a suit through the legal firm of Ho, Loke and Koh over her alleged failure to settle an outstanding loan sum of RM308,375.
In the suit filed last September, the bank sought to auction off the Apollo Tower, Mont Kiara property that she bought in 2010, within three months of obtaining the auction order.
In court documents sighted by theedgemarkets.com, the bank also wants the senior assistant registrar of the High Court to determine the reserve price for the auction, where it must be competitive with the market price.
The bank said Loo or her representative may also bid for the auction and allow the owed sum and cost of action to be deducted from the sale price.
The matter was to be heard on Feb 19 before senior assistant registrar Syeela Marlina Uttaman but was deferred to March 16 due to the implementation of the movement control order.
Loo is one of the key players in the 1MDB saga, where she is said to be a close associate of fugitive businessman Low Taek Jho, popularly known as Jho Low.
On Feb 9, the government through the Inland Revenue Board filed two legal suits to recover RM2.4 million in tax arrears from Loo and RM6.7 million from another Jho Low associate, Casey Tang Keng Chee.
Loo and Tang are believed to have left the country before the 14th general election in May 2018.
Besides the duo and Jho Low, the authorities are also looking for former SRC International Sdn Bhd managing director Nik Faisal Ariff Kamil, Jho Low's right hand man Eric Tan Kim Loong, former 1MDB deputy chief financial officer Terence Geh Choh Heng and one Kee Kok Thiam.