This article first appeared in The Edge Financial Daily on November 1, 2019

KUALA LUMPUR: Fugitive businessman Low Taek Jho or Jho Low confirms that he has reached a landmark comprehensive, global settlement with the US government to resolve the US’ civil and criminal actions relating to his assets that were allegedly bought with money embezzled from 1Malaysia Development Bhd (1MDB).

In an emailed statement sent via his lawyer, Jho Low also maintained his innocence. He, however, did not mention 1MDB or the value of the assets involved.

“I am very pleased to confirm that a landmark comprehensive, global settlement has been reached with the US government, which fully and forever resolves in their entirety each of the US government’s civil, criminal, and administrative actions or proceedings relating to the defendant assets at issue in the Central District of California.

“The historic agreement builds on a series of successful prior agreements negotiated with the US Department of Justice (DoJ) and is the result of good faith discussions between the parties.

“Importantly, the agreement does not constitute an admission of guilt, liability or any form of wrongdoing by me or the asset owners. We believe all parties consider this resolution, which is subject to final court approval, to be a successful and satisfactory result,” Jho Low said.

The statement came after the US DoJ announced it has reached a settlement of its civil forfeiture cases against assets acquired by Jho Low and his family using funds allegedly misappropriated from 1MDB and laundered through financial institutions in several jurisdictions, including the US, Switzerland, Singapore and Luxembourg.

The DoJ, however, highlighted that the agreement does not release any entity or individual from filed or potential criminal charges.

Meanwhile, Jho Low is reportedly residing in the United Arab Emirates (UAE) and has obtained asylum in another country on the basis of human rights and political persecution.

The Malaysian Insight wrote, citing a spokesperson for Jho Low, that the wanted man is in the UAE and has been shuttling between the Middle East and Europe since June.

Jho Low, the spokesperson reportedly said, has also been spending time in Kuwait, Saudi Arabia and other Middle East countries, where he is said to have “close relations with royal families”.

The news portal also wrote that Jho Low was given asylum in August under the Universal Declaration of Human Rights and European Convention on Human Rights.

Citing a legal source, it wrote that the asylum was granted due to the “purported political action and human rights violations” against him in Malaysia.