This article first appeared in The Edge Financial Daily on May 7, 2019

PUTRAJAYA: Malaysia will continue its hunt for Low Taek Jho or Jho Low, who has been described by investigators as a central figure in the 1Malaysia Development Bhd (1MDB) scandal, because what the country has recovered so far is still far less than what has allegedly been siphoned off the fund, according to Tun Dr Mahathir Mohamad.

“There is still a lot of money that we have lost. What we have recovered is not a lot, less than RM2 billion. The money he stole from 1MDB alone is RM42 billion, so who got the money?,” the prime minister said when reporters asked yesterday if the country still needed to look for Jho Low, in view of the recovery of some money from the sale of assets bought with 1MDB’s funds.

“I think there is some evidence that he has taken a lot of money for himself,” he added.

Last week, Dr Mahathir said Malaysia hopes to recover about US$7 billion (RM29.05 billion) of 1MDB funds from various sources.

It has been reported that the US and Singapore are expected to facilitate the return of about US$226 million of the funds.

This includes US$140 million from the sale of a stake in New York’s Park Lane Hotel and US$60 million from the settlement payment by the producer of the Wolf of Wall Street movie.

Singapore authorities, meanwhile, have pledged to return about S$35 million recovered from former Goldman Sachs banker Roger Ng and his family.

Earlier yesterday, Attorney-General Tommy Thomas said the government has received the US$126 million purchase consideration from the sale of the seized superyacht Equanimity to the Genting Group.

The yacht was seized by the Malaysian authorities last year.